Mortgage Renewal 

Want to know what we can do for you?

Mortgage Renewal

Want to know what we can do for you?


Mortgage renewal time is a fantastic once in a long time opportunity to reduce what is likely the largest expense in your monthly budget. Getting a better deal on your mortgage is easy and well worth the effort.

How to Save Money at Mortgage Renewal Time

When your mortgage term is up and it’s time to renew, your lender will send you a renewal notice at a rate that is higher than their current market rates, this is standard business practice and takes advantage of customer loyalty to make extra profits. The Lenders make it very easy to ‘sign & return’ the renewal notice resulting in you paying a higher interest rate than you need to. Prudent shoppers investigate the market and are open to switching Lenders at mortgage renewal time to get the best rates and terms currently available.

How To Get the most out of your Mortgage Renewal

Your needs may have changed. Perhaps this is the right time to tap some of your home equity for a renovation project? Or maybe you’re considering a cottage or vacation property, or maybe want to use some of your equity for other long-term investments. You should also take a look at your other debts; many Canadian homeowners have taken advantage of historically low rates and rolled all their other higher-interest debts into their mortgage at renewal.

Want to know what we can do for you?

Our Mortgage Underwriting Team

Toronto Mortgage Broker Underwriters

We use Mortgage Origination Software to share your application with multiple Lenders saving you time and getting you the best deal possible.



1 – Start your Mortgage Renewal Process Early

About 4 months before your renewal date review your current mortgage agreement and start researching your options online.

2 – Make A list Of Your Mortgage Renewal Needs

Make a list of what you’re looking for in a mortgage product.

  • Monthly & Lump Sum Prepayment Options:

Monthly Prepayment Options:
Lenders can allow you to increase your monthly payment by up to 20% which is useful if your monthly budget has room for increased payments.
Lump Sum Prepayment Options:
Lenders can allow you to pay up to 20% of the principal once a year, which is great if you receive bonuses or expecting an inheritance.
Prepayments reduce the total interest paid and will pay off the mortgage faster.

  • Prepayment Penalties:
If you think you may want to refinance, access your equity or pay off your mortgage completely consider the prepayment penalties that all lenders charge on closed mortgages.
  • Fixed Mortgages vs. Variable Rate Mortgages:
With fixed rates the interest and monthly payment stays constant for the duration of your term which makes budgeting easier.
There are 2 variable rate types: 1/ the monthly payment will fluctuate depending on the bank rate and 2/ the monthly payment stays the same but the amount of interest/principal paid fluctuates depending on the bank rate.
Most lenders will allow you to switch from a variable rate to a fixed rate at no charge.
  • Portability & Assumability
If you move or sell your home during the term and interest rates have risen you may want to a/ transfer (portability) your mortgage to your new home or b/ transfer your mortgage to the buyer of your home (assumability).

3 – Fill in a Free Mortgage Application

To switch to another Lender you need to fill in an application, luckily by using a Broker you only need to do this once. Most Brokers use Mortgage Origination Software that allows them to share your application with multiple Lenders. The benefit is that you can fill in one application and the Broker can then share that application with the appropriate Lenders saving you time and getting you the best deal possible.

Want to know what we can do for you?

Mortgage Renewal


Questions and Answers:


How Long Does It Take To renew My Mortgage

Along with your application, you’ll need to provide a copy of your mortgage renewal letter, proof of income, proof you own the home and proof that you have property insurance. It’s best to give the Broker as much time as possible just in case there are any unforeseen hold ups. 

How Do I Get a Rate Hold at Mortgage Renewal

Most lenders will hold your rate for up to 120 days and if rates go down you can still negotiate with them to get a lower rate.  

What Does It Cost To Switch My Mortgage At Renewal

Typically the new Lender will pay some or all of the fees. These include an appraisal fee to verify your property’s value ($150-$500), a discharge fee ($5-$395), an assignment fee ($25-$300) and legal fees (up to $1,500). 
Want to know what we can do for you?


Great Mortgage Rates

Lenders give our clients better rates and bend their lending criteria rules more for us than smaller brokerages.

Fully Equipped Mortgage Office

Our unique proprietary software helps us tailor the most appropriate solution for your needs and makes deal processing more efficient.

Experienced Mortgage Underwriters

Our modern, purpose built, high tech underwriting hub employs some of the Industries top underwriters.