Toronto Mortgage Renewal — Don't Just Sign
Your bank's renewal letter is a starting point — not a deal.
Most lenders send a renewal offer 30–120 days before your term ends. Posted offers are typically higher than what you'd get if you shopped — even at the same lender. A broker compares your renewal letter against the market and tells you whether to sign, negotiate, or switch.
Who this is best for
- Homeowners with a renewal letter in hand
- Owners 4–6 months from term end
- Anyone whose income, credit, or family situation has changed
- Owners wanting to refinance and renew at the same time
How a Toronto mortgage broker helps
- Reviews your renewal offer against 30+ lenders' switch pricing
- Models fixed vs. variable for the next term
- Identifies whether a switch, blend, or refinance is the better move
- Handles the lender switch paperwork end-to-end
- Adjusts amortization or payment frequency if it fits your goals
What lenders typically look at
- Switch lenders usually require updated income and credit
- Stress test applies on switches to a new lender
- Property appraisal may be required
- Current mortgage must be in good standing
Documents you'll likely need
- Current renewal letter
- Most recent mortgage statement
- Income proof
- Property tax bill
- Photo ID
A Toronto example
North York detached, 5-year renewal
An owner whose 5-year fixed is renewing receives an offer from their bank. A broker compares that posted rate against switch pricing at 30+ lenders and quantifies the lifetime difference over the next term.
Frequently asked questions
+When should I start shopping my renewal?
120 days before maturity is ideal — that's when most lenders will hold a rate for you while you decide.
+Will switching lenders cost me money?
Many switch programs cover the legal and appraisal cost. A broker confirms the all-in cost before you commit.
+Do I have to re-qualify at renewal?
Staying with your current lender: no. Switching to a new lender: yes, including the stress test.
+Can I refinance and renew at the same time?
Yes — many owners pull equity out at renewal to consolidate debt or fund a renovation without paying a break penalty.
Related
This website does not guarantee any mortgage rate, approval, or product. We do not provide mortgage advice on this website. All mortgage transactions are handled by the licensed brokerage identified on this site, in accordance with FSRA requirements.