Renewal & switch
Mortgage Renewal in Ontario: Should You Sign Your Bank's Offer?
Most homeowners get a renewal letter in the mail three to four months before their mortgage matures, and sign it because it's easy. That letter is rarely your bank's best rate — it's a starting offer, and banks count on convenience to keep you from shopping around your mortgage renewal.
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Before you sign anything, it's worth comparing. I check your renewal against 50+ lenders — banks, credit unions and monoline lenders — to see whether switching actually saves money once any costs are factored in. Sometimes staying put is the right call, and I'll tell you honestly if that's the case.
Your situation may have changed since you last qualified — your income, your credit, or simply what you need from your mortgage now. That's worth a conversation with me before you sign what the bank mailed you.
A quick checklist before you sign
- Know your maturity date and start shopping 3–4 months ahead
- Compare the offered rate against current market options, not just last term's rate
- Check for prepayment or switch costs before moving lenders
- Ask what changes if your income, credit or property use has changed since you last qualified
Approvals and rates always depend on lender criteria and change over time — this isn’t a guarantee, just a starting point for the conversation.
