Mortgage Renewal in Canada: Rates, Switching and the 90-Day Window
Roughly seven in ten Canadians sign the renewal letter their lender sends. That letter is almost never the lender’s best rate. Here is what Canada borrowers can switch to instead.
Who a mortgage renewal covers
- Anyone inside 150 days of a maturity date
- Borrowers whose lender has written with an offer above market
- Files where income or credit has changed since the mortgage was written
What lenders look for on a mortgage renewal file
| Straight switch | Same balance, same amortization, no new money. Most lenders cover the legal and appraisal cost to win the file. You do have to requalify at the stress-test rate. |
| Renew in place | No requalification and no paperwork, but no competitive pressure either. The right answer if your income or credit has gone backwards. |
| Refinance at renewal | Taking equity out makes it a refinance, not a switch. Different shelf, higher rate, and legal costs are yours. |
| Early renewal | Some lenders will renew up to 120 days early without penalty. Useful if rates are rising. |
Mortgage Renewal mortgage rates: what it costs
Renewals price on the insurable and insured shelves where the original file qualified. A switch is usually the cheapest money available to an existing borrower.
| Lender | 5-year fixed |
|---|---|
| Exclusive Lender | 4.24% |
| Insured lender · sign in to see the lender | 4.34% |
| Exclusive Lender | 4.39% |
| Insured lender · sign in to see the lender | 4.49% |
| Insured lender · sign in to see the lender | 4.49% |
Lowest five-year fixed on the available shelf, 2026-09-23. Full board →
Track Best Renewal Offers up to 90 Days before Maturity
Get notified on best mortgage rates for transfer and refinance to compare your monthly savings.
Mortgage Renewal by province
Land transfer tax, minimum down payment and typical prices differ by province.
Stay, switch or refinance at renewal
A renewal letter offers one of these and quietly assumes you will not consider the other two. All three are open to you, and they cost different amounts.
| Sign the renewal | Switch lenders | Refinance | |
|---|---|---|---|
| What it costs | Nothing, and usually the worst rate of the three. | Usually nothing — most lenders cover the transfer cost to win the business. | Legal and appraisal, and a penalty only if you move before the term ends. |
| What you can change | Rate and term only. | Rate, term and lender. The balance and amortization stay as they are. | Everything, including taking equity out or consolidating debt. |
| Re-qualifying | None. | Yes — a straight switch at the same balance and amortization. An uninsured straight-switch renewal is exempt from re-qualifying at the stress-test rate. | Yes, in full. |
| Best for | Somebody who genuinely has no time — and knows they are paying for it. | Most people. The offer on the letter is rarely the best available. | A borrower who needs the mortgage to do something different than it is doing now. |
Start about 120 days out. That is when a rate hold can be taken, and it is long enough to move lenders without rushing.
Mortgage Renewal mortgage questions
When should I start?
About 150 days before maturity. Lenders hold rates for up to 120 days, so at 150 you have time to gather documents and still lock the full hold. Your lender typically writes at 30 days, when your options have already closed.
Does switching cost me anything?
On a straight switch, usually nothing — the new lender covers legal and appraisal to win the business. Confirm it in writing, because a small number of switches do carry a discharge fee from the outgoing lender.
Do I have to requalify to switch?
Yes. A new lender stress-tests you at the greater of your contract rate plus two points and 5.25%. Renewing in place does not require this, which is the one genuine advantage of staying put.
Will applying hurt my credit score?
A single mortgage enquiry has a small, short-lived effect. Several lenders pulling your bureau separately over weeks is worse than one broker pulling it once and taking that file to several lenders.
How long does this usually take?
A straightforward file takes a few weeks from application to approval. Alternative and private lending can move faster because less is being verified — sometimes days.
Have a mortgage renewal file looked at
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
