Mortgage Renewals in Canada
Don't just accept your lender's renewal offer - shop around and save
Your mortgage renewal is the perfect opportunity to save thousands of dollars. Every few years when your term ends, you have the power to negotiate better rates and terms - at no cost and with no penalties.
Why Your Renewal Matters
Your mortgage renewal is a golden opportunity to improve your financial situation
Even a small rate reduction can save you thousands over your mortgage term. A 0.5% rate decrease on a $300,000 mortgage can save you over $15,000.
Unlike refinancing, switching lenders at renewal typically doesn't require a new appraisal, making the process simpler and faster.
At renewal, you can switch lenders without paying any penalties. It's the only time you can move your mortgage completely free.
Renewal time is perfect for adjusting your amortization period, payment frequency, or prepayment privileges to better suit your current needs.
Interest rates may be significantly different than when you first got your mortgage. The market could offer you better opportunities now.
Lenderoo shops 40+ lenders and does all the comparison for you at no cost. We work for you, not the banks - completely free and obligation-free.
Renewal vs. Refinancing: What's the Difference?
Understanding the key differences can help you make the right choice
Happens at the end of your current term
No penalties to switch lenders
No appraisal typically required
Simpler, faster process
Can't increase mortgage amount
Ideal for rate shopping only
Can be done anytime during term
May involve penalty fees
Requires new appraisal
More comprehensive process
Can increase mortgage amount
Access equity for other purposes
Your Mortgage Renewal Timeline
Start early to maximize your savings and options
6 Months Before Renewal
Start shopping for rates and comparing offers from different lenders. This gives you plenty of time to find the best deal without pressure.
4 Months Before Renewal
Get pre-approved with other lenders. Pre-approvals typically hold rates for 90-120 days, protecting you if rates rise.
3 Months Before Renewal
Receive your renewal offer from your current lender. Don't accept it right away - use it as a baseline for comparison.
2 Months Before Renewal
Compare all offers and negotiate with your current lender. Show them competing offers to leverage better terms.
1 Month Before Renewal
Make your final decision and complete any paperwork required. If switching lenders, ensure all documents are submitted on time.
Renewal Date
Your new mortgage term begins with your chosen lender at your negotiated rate. Enjoy the savings!
How Lenderoo Gets You Better Rates
Our proven process consistently delivers savings for our clients
We Shop 40+ Lenders
Lenderoo shops major banks, credit unions, and alternative lenders to find you the best rate. You get options your current bank won't tell you about.
Compare Multiple Offers
We simultaneously get you offers from multiple lenders, saving you time and ensuring you see all your options in one place.
Leverage Competition
When lenders know they're competing for your business, they offer better rates. We use this to your advantage every time.
Expert Negotiation
The mortgage professionals in our network negotiate daily with lenders. They know exactly what to ask for and how to get you the best possible terms beyond just the interest rate.
No Obligation Service
Our service is completely free and you're never obligated to accept any offer. If we can't beat your current rate, you don't have to switch.
Fixed vs Variable Rate at Renewal
Choosing the right rate type depends on your situation and market conditions
Best For:
- You want payment stability and certainty
- Interest rates are expected to rise
- You prefer peace of mind over potential savings
- Your budget is tight with little flexibility
Advantages:
- Predictable monthly payments
- Protection from rate increases
- Easier budgeting and planning
Best For:
- Interest rates are expected to fall
- You have a higher risk tolerance
- You want potential for lower rates
- Your budget can handle payment fluctuations
Advantages:
- Potential for significant savings
- Historically lower average rates
- Benefit from rate decreases immediately
Common Renewal Mistakes to Avoid
Don't let these common errors cost you thousands
Accepting First Offer Without Shopping
Your current lender's renewal offer is rarely their best rate. They're counting on your inertia. Always shop around and compare multiple offers before deciding.
Waiting Until the Last Minute
Starting your renewal search only a few weeks before your term ends limits your options. Begin 4-6 months early to maximize your negotiating power.
Focusing Only on Interest Rate
While rate is important, also consider prepayment privileges, penalty calculations, portability options, and whether you can make lump sum payments.
Not Negotiating With Current Lender
Armed with competing offers, you can often negotiate a better rate with your current lender. They may match or beat competitors to keep your business.
Ignoring Term Length Options
Don't automatically renew for the same term length. Consider current market conditions and your future plans when choosing between 1, 2, 3, 4, or 5-year terms.
Not Reading the Fine Print
Review all terms carefully, especially penalty calculations and discharge fees. Some lenders have restrictive clauses that could cost you later.
Assuming You Must Stay With Current Lender
Many homeowners think switching is complicated or costly. At renewal, it's actually easy and free - you just need to know your options.
Not Considering Your Changing Needs
Your financial situation may have changed since you first got your mortgage. Renewal is the time to adjust your mortgage to fit your current life.
Calculate Your Renewal Savings
See how much you could save by shopping around for a better rate
What Our Clients Are Saying
Real stories from homeowners who saved thousands at renewal
"Lenderoo saved me over $18,000 on my mortgage renewal! My bank offered 5.2% but Lenderoo got me 4.4% from another lender. The switch was seamless and completely free."
Sarah Mitchell
Toronto, ON
"I had no idea I could save so much just by shopping around at renewal. Lenderoo handled everything and I'm now saving $320 every month. Highly recommended!"
James Chen
Vancouver, BC
"The Lenderoo team made my renewal so easy. They compared offers from multiple lenders and got me a rate my bank couldn't match. Professional service from start to finish."
Emily Patel
Calgary, AB
Questions & Answers
Frequently Asked Questions
Everything you need to know about renewing your mortgage in Canada and saving thousands at renewal time.
Ready to Save on Your Mortgage Renewal?
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