Renewing your mortgage —
the 120-day playbook
to beat the first offer.

About 120 days before maturity. That isn't a federal rule: it's the rate-hold window many lenders offer, so a rate you lock then can still be used at maturity. The federal rule is that a federally regulated lender must send your renewal statement at least 21 days before your term ends. Start at 120 days and that letter becomes leverage, not a deadline.

Staying with your current lender: generally no re-qualification. Switching lenders: since November 21, 2024, OSFI doesn't expect lenders to apply the stress test to an uninsured straight switch (same balance, same amortization); insured straight switches were already exempt. The new lender still reviews your credit and income. Add money or extend your amortization and you qualify at the greater of your contract rate + 2% or 5.25%.

Often $0 to you. Many A-lenders cover the discharge fee and appraisal (often a few hundred dollars each) as a switch incentive. If a fee is unavoidable, it's disclosed in writing before you commit.

It depends on your balance, your file and the market the day you sign. Broker-channel rates often beat a bank's first renewal offer, and on a large balance even a small rate difference adds up over a 5-year term. Run your own numbers before you sign.

Two reasons. (1) Retention pricing: many borrowers accept the first offer without shopping, so there's little pressure to open with the lowest rate. (2) Sticky relationships: renewal clients often keep chequing, savings, investments and credit cards at the same bank, which makes switching feel harder than it is.

We model both your current lender's renewal AND a refinance scenario. Sometimes refinancing — to consolidate higher-interest debt, reset amortization, or access equity — is materially better than a straight renewal. Net-of-penalty math first; recommendation second.

It depends on your risk tolerance and budget, not a forecast. Compare the current fixed and variable spread on our live rate board, then check whether you could carry the variable payment if prime rose 1-2%. Fixed buys certainty; variable usually carries a smaller penalty to break. Maya can run both scenarios for your file.

$0 to you on standard residential renewals. The new lender pays us a finder fee (typically 0.50-1.10% of the funded amount). We disclose exact compensation on every file.

You can still switch at maturity, with less time to compare. Don't let your mortgage auto-renew without a comparison: even 30-60 days gives us room to bring a competing offer. There is no prepayment penalty at maturity, only before it.

Typically 7-14 business days from us receiving your renewal letter to a signed mortgage commitment. Documents required: photo ID, current mortgage statement, property tax bill, employment confirmation. Most files don't need a new appraisal on straight transfers.

Sometimes. On an uninsured mortgage, many lenders let you extend back up to 30 years when you switch, but that's no longer a straight switch, so you must pass the stress test. Insured mortgages generally can't be extended beyond the original amortization schedule. A longer amortization lowers the payment but adds lifetime interest.

If Mortgage Squad Advisors funded a previous mortgage for you, you automatically get our absolute best available rate at renewal — before we offer it to anyone new. It's our way of saying thank you for trusting us with your file the first time. See renewal loyalty.