Nunavut Mortgage Renewal Rates
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 Nunavut borrowers can switch to instead.
Who this 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
| 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. |
Nunavut rates for this file
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 | Type | 5-year fixed |
|---|---|---|
| Strive Capital | Monoline | 3.87% |
| MCAP | Monoline | 3.88% |
| First National | Monoline | 3.89% |
| Merix Financial | Monoline | 3.90% |
| RFA Mortgage Corporation | Monoline | 3.91% |
Lowest five-year fixed on the available shelf, 2026-08-21. Full board →
What a typical purchase looks like
| Typical price | $500,000 |
| Minimum down payment | $25,000 |
| land titles fee | $750 |
National figure — we do not yet track a market in this province. Calculate yours →
Get notified 90 days before your renewal
Your lender contacts you at 30 days, when you have no time to shop. We reach you at 90 — early enough to lock a hold and personalize your offers.
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.
What does it cost to close in Nunavut?
Nunavut charges land titles fee rather than a land transfer tax — about $750 on a $500,000 purchase, which is a few hundred dollars where Ontario or BC would be several thousand. Full Nunavut closing costs →
Mortgage Renewal in Nunavut?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
Send us the file