The renewal notice in your mailbox is a starting point, not your bank’s best rate. At maturity, comparing costs you nothing and switching carries no penalty.
Signing the mailed offer is the simplest move and often the most expensive one. One competing quote gives you something to negotiate with, and banks frequently improve their offer once they know you are comparing.
Review penalties and privileges
The rate is one line of the contract. What you may prepay each year, whether the mortgage moves with you, and how the penalty is calculated all decide what the term actually costs you.
Review priorities at renewal
Renewal is a natural moment to review debts, income, planned purchases or sales, amortization and tolerance for fixed or variable risk.
Documents to gather
What the lender will ask for.
Renewal date
Current lender offer
Remaining balance
Future plans
Penalty rules
Fixed or variable preference
Frequently asked
Does switching lenders at renewal cost anything?+
There is no penalty at maturity, and many lenders cover the transfer and notary fees to win the file. The real consideration is requalification: a new lender reviews your income and credit from scratch, where staying put usually does not.
When should I compare my renewal?+
Ideally a few months before maturity so there is time to compare lenders, documents and conditions before signing.
Can I switch lenders at renewal?+
Often yes, but the file, property and timing must be reviewed to confirm whether switching is worthwhile.
Current rates
Today’s rates, read with their conditions.
These rates are indicative. The one you get depends on your file, the type of mortgage (insured or not) and the lender, and the penalty attached to it matters as much as the number.
Buying, renewing, refinancing or an unusual situation: describe where you are at, even if it is still vague. Mathieu replies with the next steps and the documents to gather.
