Mortgage Renewal Canada:
How a Broker Gets You
the Best Rate.

Usually not without comparing first. Your bank's first renewal offer is often not the lowest rate you can get. Start shopping about 120 days before your term ends: switching lenders at maturity has no penalty, and a straight switch needs no stress test.

About 120 days before maturity. That isn’t a legal deadline: it’s the rate-hold window many lenders offer, and it gives lenders time to compete for your file. The federal rule is only that a federally regulated lender must send your renewal statement at least 21 days before your term ends. Switching at maturity carries no prepayment penalty.

Not if you stay with your lender. Not if you make a straight switch (same balance, same amortization) to a new lender; that has been exempt since November 21, 2024, though the new lender still checks your credit and income. If you borrow more or extend your amortization, you qualify at the higher of your rate +2% or 5.25%.

Often $0 to you. Many A-lenders cover the discharge fee and appraisal (usually a few hundred dollars each) to win your file. Otherwise a switch can involve discharge, registration, legal and appraisal costs. If a fee can’t be avoided, we tell you in writing before you commit.

We compare your lender’s renewal with a refinance. Sometimes refinancing to pay off high-interest debt, reset your amortization or use your equity is the better move. We show the math after any penalty, then make a recommendation.

It depends on how much payment change you can handle and how long you’ll keep the mortgage. Compare today’s fixed and variable pricing on our live rate board. Over long periods variable has usually cost less, but it moves with prime; fixed gives you a steady payment. See our fixed vs variable guide.

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

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.

You can still switch, but start now: a switch takes time to arrange. Don’t let your bank auto-renew without comparing; even 60 days gives us room. Prepayment penalties don’t apply at maturity, only before it.

Median timeline: 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.

Possibly, but make them match in writing. A match only appears once you’ve shopped, which shows the first number wasn’t their best. Staying can save the switch paperwork; just confirm they’re matching the full offer — rate, term and prepayment privileges — not only the rate.

Comparing doesn’t need a hard credit pull to begin. If a formal application goes ahead, the hard inquiry stays on your report for about three years with Equifax (TransUnion may keep it up to six), but its effect on your score is small and fades within months.

Sometimes. Extending the amortization isn’t a straight switch, so a new lender will qualify you under the stress test, and an insured mortgage generally can’t be stretched beyond its original schedule without refinancing to an uninsured loan (up to 30 years with many lenders, if you have 20%+ equity). A longer amortization lowers the payment but adds lifetime interest.