Start about 120 days out
Many lenders let you hold a rate up to 120 days before your renewal date. If rates drop before you close, you can usually still take the lower one.
Mortgage renewals • Waterloo • Kitchener • Cambridge
Your renewal letter is rarely your best offer.
Most people sign whatever their lender mails them. Amit compares your renewal offer against 40+ lenders, explains the fine print, and handles the switch if the numbers say so. No cost to you on standard mortgages.
- 5.0 on Google
- $110M+ funded
- Waterloo Region
How a renewal review works
Renewal is the one time you can move your mortgage to another lender without paying a penalty. A short review is usually worth it.
Switch without re-qualifying
Since November 2024, moving your mortgage to a new lender at renewal without increasing the amount or amortization no longer means passing the stress test again.
Switching costs are often covered
Many lenders pay the standard legal and appraisal fees on a straight switch. Amit tells you upfront which ones do.
When does your renewal window open?
Many lenders let you lock a rate up to 120 days before your renewal date. The earlier you start inside that window, the more options you keep. Pick your renewal month.
Some of the lenders Amit works with
What would your payment be at a new rate?
Canadian semi-annual compounding, with mortgage default insurance added automatically when your down payment is under 20%. A quick estimate, not a quote.
For a real number based on your credit and income, ask Amit.
Mortgage renewal questions
Something else on your mind? Text Amit. He usually replies the same day.
When should I start looking at my renewal?
About four months before your renewal date. Many lenders let you hold a rate up to 120 days ahead, which protects you if rates rise while you compare.
Do I have to pass the stress test again to switch lenders?
Usually not. Since November 2024, if you move your mortgage to a new lender at renewal without increasing the amount or amortization, you don't need to pass the stress test again. Amit will confirm what applies to you.
Does it cost anything to switch at renewal?
Often nothing. Many lenders cover the standard legal and appraisal fees on a straight switch, and there's no cost to work with Amit on standard residential mortgages.
Can I borrow more or change my amortization at renewal?
Yes, but borrowing more or lengthening the amortization counts as a refinance, so you'll need to qualify again, including the stress test. Amit will show you both options side by side.