Toronto Mortgage Renewal Checklist
Don't sign the renewal letter your bank sent. Use this 9-step checklist to know what to ask, what to negotiate, and when to switch lenders without paying a penalty.
- The 120 / 90 / 30 day timeline — what to do at each milestone
- How to read your renewal letter (and the line that costs you the most)
- Switch vs. stay vs. refinance — the deciding question
- How to shop multiple lenders with a single soft credit pull
- The 4 fees that come up on a lender switch and who usually pays them
What's inside
1. T-120 days: pull your statement
Where to find your balance, maturity date, current rate, and prepayment terms — the four numbers every renewal decision hinges on.
2. T-90 days: decide your goal
Lowest payment, fastest payoff, access equity, or consolidate debt. Each goal points to a different product and lender.
3. T-90 days: get a shop-around quote
How to compare an apples-to-apples 5-year fixed against your current lender's offer — including penalty math if you switch early.
4. T-60 days: stress test yourself
Whether you need to requalify (you might not), and how a collateral charge vs. standard charge affects your switch.
5. T-30 days: lock + sign
Rate hold timing, lawyer/title-insurance switch costs, and the discharge timeline so the new lender funds on maturity day.
Who this is for
- Homeowners renewing in the next 12 months
- Anyone whose bank just sent a renewal letter
- Owners considering refinancing instead of straight renewing
Related resources
Mortgage Renewal in Toronto →
Full breakdown of how renewals work and how to negotiate yours.
Renewal Comparison Calculator →
Compare your current lender's offer to market in 30 seconds.
Refinance instead of renew →
When a refinance beats a straight renewal in Toronto.
Mortgage brokerage services, where applicable, are provided by [Licensed Brokerage Name], FSRA Licence #[Licence #]. TorontoMortgageBroker.ca is a marketing and educational website. Information is for general purposes only and is not mortgage, legal, financial, or tax advice. Rates, approvals, and products are subject to borrower qualification, lender criteria, property review, and market conditions.