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Mortgage Squad Advisors
Renewal reminder

Free mortgage renewal reminder: never auto-renew at your bank’s first offer again.

Set a free mortgage renewal reminder and we’ll reach out about 120 days before your maturity date, when many lenders will start holding a rate, with the best rates across 100+ lenders. Don’t auto-renew: compare your bank’s offer against the market.

  • Reminder about 120 days before maturity
  • We shop 100+ lenders, not one bank
  • Free, no obligation, no spam
  • FSRA Licensed #13737

Set your free renewal reminder

We’ll alert you about 120 days before maturity, when many lenders will hold a rate, and shop the market for you.

No spam. We only contact you about your renewal. Or ask Maya now.

How the renewal reminder works

  1. 1. Tell us your maturity date

    Enter the date your current term ends and, if you like, your current lender. You’ll find both on your annual mortgage statement or your lender’s online banking.

  2. 2. We reach out about 120 days before

    That’s when many lenders will start holding a rate for a switch, so you can lock in a rate while you compare options. If rates drop before closing, some lenders will give you the lower rate.

  3. 3. We compare, you decide

    We compare your lender’s renewal offer against 100+ lenders and explain the trade-offs. Whether you renew, switch or refinance is entirely your call.

Your options at renewal

When your term ends, you can pay off or move your mortgage without a prepayment penalty. That makes renewal the one regular moment when your lender has to compete for your business. You have three main paths.

Renew with your current lender

This is the simplest route, but the first renewal offer isn’t always the lender’s best. Federally regulated lenders must send your renewal statement at least 21 days before maturity1. That’s late to start shopping, so it helps to know your alternatives before the letter arrives. See our renewal negotiation tips.

Switch to a new lender

A straight switch moves the same balance and remaining amortization to a new lender at maturity. Since November 21, 2024, a straight switch of an uninsured mortgage doesn’t require you to requalify under the stress test2, and insured mortgages switching at renewal are exempt as well3. Legal, appraisal and discharge costs apply, and new lenders often cover some or all of them. Learn more about switching lenders at renewal.

Refinance

If you want to borrow more, consolidate debt or change your amortization, that’s a refinance rather than a renewal. You’ll requalify, including the stress test (the greater of your contract rate plus 2% or 5.25%)4, and you can typically borrow up to 80% of your home’s value with a prime lender5. Doing it at maturity avoids a mid-term penalty. Our refinance vs renewal guide compares the two.

What to decide before your renewal date

  • Fixed or variable: variable rates move with your lender’s prime rate, while fixed rates stay set for the whole term. Compare today’s renewal rates side by side.
  • Term length: a shorter term brings your next renewal sooner, while a longer one locks in certainty. Consider when you might sell, move or need to refinance.
  • Flexibility: check prepayment privileges, portability and how the lender calculates penalties. These matter more than a small rate difference if your plans change mid-term.
  • Your payment: run the numbers in the mortgage renewal calculator so a payment change doesn’t catch you off guard.

Mortgage renewal reminder — FAQ

When should I start shopping my mortgage renewal?
About 120 days before your maturity date, because many lenders will hold a renewal or switch rate that far ahead. That's lender practice, not a federal rule: federally regulated lenders only have to send your renewal statement at least 21 days before the term ends. Starting at 120 days lets you lock a rate while you shop, protected if rates rise, and that's when we'll remind you.
Why not just sign my bank's renewal letter?
Because the first offer is rarely the best. Broker-channel rates often beat a bank's first renewal offer, and on a large balance even a small rate difference adds up over the term. A switch/transfer usually has no penalty.
Is the reminder really free?
Yes — completely free, no obligation. We only contact you about your renewal, around the optimal time, with the best available rates. Ignore us if you don't need us.
Will I need to re-qualify or pass the stress test?
No, not for a straight transfer. Moving to a new lender at renewal with the same balance and amortization doesn't require the stress test, and there's no prepayment penalty at maturity. Borrowing more or extending the amortization brings the stress test back. We'll tell you the cleanest path for your file when we reach out.

Sources

Primary sources for the rules and figures above. Rules, rates and lender policies change, so confirm anything you plan to act on with a licensed advisor.

  1. 1. Financial Consumer Agency of Canada, Renewing your mortgage: Federally regulated lenders must send a renewal statement at least 21 days before the term ends (and 21 days' notice if they won't renew).
  2. 2. OSFI, OSFI exempts uninsured mortgage straight switches from the prescribed MQR (Nov 21, 2024): Uninsured straight switches at renewal (no increase in loan amount or amortization) no longer need to be re-qualified at the minimum qualifying rate.
  3. 3. Department of Finance Canada, Boldest mortgage reforms in decades come into force today (Dec 15, 2024): Dec 15, 2024 reforms in force; insured mortgage holders can switch lenders at renewal without another stress test, and OSFI removed the test for uninsured straight switches on Nov 21, 2024.
  4. 4. OSFI, Minimum qualifying rate for uninsured mortgages: Uninsured borrowers qualify at the greater of the contract rate plus 2% or 5.25%; OSFI does not expect the test on uninsured straight switches at renewal (no increase in amount or amortization).
  5. 5. OSFI, Guideline B-20: Residential Mortgage Underwriting Practices and Procedures: Federally regulated lenders' underwriting standards, including the 65% loan-to-value limit on the revolving (HELOC) portion of a mortgage.
See what your payment becomes at today’s rates before you renew.Payment shock calculator