Simplest
Straight switch
Same balance and amortization, generally no penalty at maturity
St. Thomas & Southwestern Ontario
Mortgage Renewal in St. Thomas, Ontario
Your lender's renewal letter is an offer, not a bill. It is the one moment in the mortgage cycle where changing lenders usually costs nothing but paperwork.
Here's how to approach a St. Thomas renewal so you're comparing properly rather than signing out of convenience.
Nandan Bajani · Licensed Mortgage Agent | Ontario · The Mortgage Firm Inc.
St. Thomas, Ontario — Daily Update
Compare Today's Mortgage Rates
As of September 18, 2026
2.25% overnight rate held steady, prime near 4.45%, but rising bond yields (5-year GoC near 3.65%) are pushing fixed rates higher
See how today's rates compare before you sign your renewal offer.
TermFixed RateVariable Rate
2-Year
Fixed
4.09%Lowest
Big 6 Bank
Variable
—
3-Year
Fixed
4.19%
Big 6 Bank
Variable
3.84%
Canadian Lender
5-Year
Fixed
4.24%
Canadian Lender
Variable
3.40%Lowest
Canadian Lender
Rates shown are for insured mortgages (down payment under 20%). Conventional/uninsured pricing may differ — contact me for your exact rate.
Source: Ratehub.ca public rate table. Rates shown are examples from a public table and are subject to qualification and change.
Plan your numbers
Run Your Numbers
From offer to new term
Your Renewal Timeline
- 1
Renewal notice arrives
Your lender sends an offer, not a bill — usually ~120 days before maturity
- 2
Compare against the market
Shop rates while you can still choose
- 3
Decide: stay, switch, or refinance
Match the option to what's changed in your life
- 4
Documents & re-qualification
Only if switching lenders or adding money
- 5
Rate held, paperwork signed
Your new term is locked in
- 6
Renewal date
New term begins, no gap in coverage
Start about 120 days out
Most lenders will hold a rate up to 120 days before maturity, and a straight switch to a new lender takes a few weeks to arrange. Starting early means you can accept a lower rate if one appears and still fall back on your existing lender's offer if it doesn't.
120 days
Typical rate-hold window before your mortgage matures
Staying put vs switching lenders
Staying is simplest: sign and continue. Switching means re-qualifying, but on a straight switch — same balance, same amortization, no new money — many lenders cover or absorb the legal and appraisal costs. The comparison should include the term, prepayment privileges and the penalty formula, not just the headline rate.
New money
Refinance at renewal
New money added, requires full qualification and legal work
Penalty applies
Early switch before maturity
Penalty applies and needs to be weighed against savings
What You'll Need to Switch Lenders
Only required if you're switching lenders or adding funds — renewing with your current lender by signing usually needs none of this.
Current mortgage statement (balance, maturity and lender)
Recent pay stubs or T4s/Notices of Assessment
Government-issued photo ID
Current property tax bill
Home insurance binder
Penalties and how they're calculated
At maturity there is normally no prepayment penalty. Breaking early is different: variable-rate mortgages typically use three months' interest, while fixed-rate mortgages use the greater of three months' interest or an interest rate differential calculation that varies significantly between lenders.
Renewal is a good time to restructure
If you bought in St. Thomas several years ago, you may have meaningful equity relative to your original purchase price. That opens options at renewal: shortening amortization, consolidating higher-interest debt, or funding a renovation on an older property — because you're already re-documenting the file.
Related reading
Questions people ask
Do I have to re-qualify to renew with my current lender?+
Generally no, if you simply sign the renewal. Switching to a new lender or adding funds means qualifying, including the stress test with most federally regulated lenders.
How early should I start a St. Thomas mortgage renewal?+
About four months before maturity. That leaves room to hold a rate and complete a switch without rushing.
Does switching lenders cost me anything?+
On a straight switch, many lenders cover or reimburse the standard legal and appraisal costs. That should be confirmed in writing for your specific file.
Can I shorten my amortization at renewal?+
Yes, and it's one of the most effective ways to reduce total interest if the higher payment fits your budget.
Compare your St. Thomas renewal offer before you sign
A short conversation is usually enough to know what's realistic. No obligation, no pressure.