Renewal · Toronto & GTA
Toronto mortgage renewal strategy
Most lenders send a renewal letter with a rate that isn't their best. These guides show how to compare offers across banks, monoline lenders, and credit unions — and when switching beats staying.
Renewal letters are negotiable
The first rate your lender sends is rarely their best. We benchmark it against current discounted offers across A and B lenders.
Switch vs. stay
A switch at maturity is usually penalty-free and many lenders cover legal and appraisal costs. The math has to clear though — that's what the comparison calculator is for.
Renewing under the new stress test
Straight switches between federally regulated lenders no longer require re-qualifying under the stress test as of late 2024 — important if your debt ratios changed.
Guides in Mortgage Renewal in Toronto
Useful calculators
Mortgage Renewal in Toronto — frequently asked
When should I start shopping my mortgage renewal?
120 days before maturity. Most lenders will hold a rate that long, giving you time to compare offers without market risk.
Is there a penalty to switch lenders at renewal?
At maturity, no prepayment penalty applies. Some lenders cover legal and appraisal fees to win your business. Mid-term switches do trigger penalties.
Do I have to re-qualify under the stress test to switch?
As of late 2024, straight switches between federally regulated lenders no longer require re-qualifying at the stress-test rate, provided the loan amount and amortization aren't increased.
Compare your renewal offer against the market
Send us your renewal letter and we'll benchmark it across A lenders, monolines, and credit unions before you sign.
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