Don't Just Sign the Renewal Letter — Shop the Market First

Your renewal letter is your bank's opening offer, not your only option — and comparing it against the wider market is one of the easiest ways to avoid overpaying on your next term.

Many Canadian homeowners sign the generic mortgage renewal letter their current bank sends them, simply because it feels convenient. That convenience can come at a real cost. Banks often lead with their posted rate on these notices rather than their best available rate, and a renewal letter arrives with an assumption built in: that most people won't take the time to compare it against anything else.

When your term hits maturity, you're a completely free agent. You owe your current lender zero penalties for moving your mortgage elsewhere, which makes renewal the ideal window to have lenders compete for your business instead of accepting the first number you're sent.

How we approach your renewal

1. An early rate hold

In the months before your mortgage matures, we monitor the market and work to secure a competitive rate hold on your behalf, so you're protected if rates move before your renewal date arrives.

2. A posted-vs-market comparison

We compare your bank's renewal offer against a wide range of other lenders — including monoline lenders and credit unions your bank won't show you — so you can see where it actually stands.

3. Switch promotions worth knowing about

Some lenders run promotions that cover some or all of the appraisal, administrative, and legal costs involved in switching. Where one is available and a good fit for your file, we'll flag it as part of the comparison.

4. What a lower rate is actually worth over your term

A small rate difference compounds over a full term, which is exactly why it's worth comparing before you sign — not after.