Is Your Mortgage Renewing in 2026?
60% of Canadian mortgages are renewing this year. Don't just sign your lender's renewal letter — you could save thousands.
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60%
of Canadian mortgages are renewing in 2025-2026
$200+
average monthly savings by switching lenders at renewal
$0
penalty to switch lenders when your term ends
How It Works
The renewal process, simplified
Most borrowers simply sign their lender's renewal letter. Here is a better approach.
Your Lender Sends a Renewal Offer
About 30 to 90 days before your maturity date, your current lender sends a renewal letter. This offer is typically their posted rate with a small discount — but it is almost never the best rate available in the market.
You Compare Against the Market
Use Loans Expert to compare your lender's renewal offer against the best available rates from other lenders. Even a small difference — say 0.20% — saves thousands over a 5-year term.
Switch or Negotiate — Zero Penalty
At renewal, there is no penalty for switching lenders. Move to a better rate, or use the competing offer to negotiate your current lender down. Either way, you win.
Why You Should Never Just Sign the Renewal Letter
Your lender's renewal offer is their starting point, not their best offer. Here is what most borrowers do not realize:
Renewal letters use posted rates
Most lenders start with their posted rate minus a small discount. The best rates available in the market are often 0.30% to 0.80% lower than what appears on your renewal letter.
Your lender counts on inertia
Banks know that most borrowers will sign the renewal letter without shopping around. This is their most profitable customer segment — borrowers who do not compare.
The savings are significant
On a $400,000 mortgage balance, a 0.50% rate difference saves over $10,000 in interest over a 5-year term. That is real money left on the table.
Switching is easier than you think
At renewal, switching lenders involves minimal paperwork, no penalty, and the new lender often covers legal and appraisal costs. The process takes 2 to 4 weeks.
How Much Could You Save at Renewal?
Enter your current mortgage details and renewal offer to see how much you could save by switching to a better rate. Most borrowers are surprised by the result.
Calculate Your Renewal SavingsFree to use. No obligation. Takes 30 seconds.
Get Expert Help With Your Renewal
Leave your details and a licensed mortgage professional will review your renewal offer and help you find the best rate — no cost, no obligation.
Renewal FAQs
Common questions about the mortgage renewal process in Canada.
Is there really no penalty for switching lenders at renewal?
Correct. When your mortgage term ends (at maturity), you are free to move to any lender without penalty. The new lender typically handles the transfer process, and in many cases covers the legal and appraisal fees. This is different from breaking a mortgage mid-term, which does carry a penalty.
When should I start shopping for renewal rates?
Start at least 120 days (four months) before your maturity date. Most lenders allow you to lock in a rate that far in advance. If rates drop before your renewal date, you can usually get the lower rate. If rates rise, you keep the locked-in rate.
What if my current lender matches the competing offer?
That is a win for you. The goal is to get the best rate possible, whether that is from your current lender or a new one. Having a competing offer in hand gives you the leverage to negotiate effectively.
Do I need to requalify with a new lender?
Yes, but the process is simpler than your original mortgage application. The new lender will verify your income, check your credit, and confirm the property value. In many cases, a full appraisal is not needed for a straightforward switch.
Can I change my mortgage terms at renewal?
Absolutely. Renewal is the perfect time to change your term length (e.g., from 5-year to 3-year), switch between fixed and variable, or adjust your amortization period. There is no cost to making these changes at renewal.
What documents do I need to switch lenders?
Typically you need government-issued ID, recent pay stubs or an employment letter, your most recent CRA Notice of Assessment, your current mortgage statement, and proof of property insurance. Your broker will guide you through the specifics.
Get Your Personalized Renewal Rate
Compare your lender's offer against the best available rates in under two minutes.