Mortgage Renewals

Don’t Just Sign the Letter. Negotiate a Better Mortgage.

Your mortgage renewal is the single most important financial moment you will face every 3 to 5 years. It is more than just a signature—it is your opportunity to reassess your financial goals, lower your payments, and potentially save thousands of dollars in interest.

At HomeLoansCanada, we believe you should never auto-renew without a second opinion. Banks count on your complacency; we count on your savings.

New Rules for 2024/2025: You Have More Power Than Ever

Recent changes by the federal government and OSFI (the banking regulator) have leveled the playing field for Ontario homeowners.

1. The "Stress Test" is Gone for Straight Switches

Effective November 21, 2024
In the past, switching lenders meant you had to re-qualify at a higher “stress test” interest rate (typically 5.25% or higher). This trapped many homeowners with their current bank.

The Good News: You can now switch your uninsured mortgage to a new lender without passing the stress test, provided you keep your amortization and loan balance the same.

2. The Canadian Mortgage Charter

Under the new Charter, lenders are expected to contact you 4 to 6 months before your renewal to discuss options. If you haven’t heard from them, call us. We will start the process for you to ensure you aren’t rushed into a last-minute decision.

TODAY'S RATES

Team	Posted	MA Rates
6 mo.	7.89	7.47
1.Year	6.15	5.24
2.Year	5.15	4.24
3.Year	4.65	4.14
4 Year	4.55	5.05
5 Year	4.49	3.99
8 Year	5.12	6.45
10 Year	5.35	6.12
Variable		4.55
Subject to change Conditions may apply Updated 10/03/2025 4:15:41PM

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CALCULATORS

Want to find your monthly payment or what you can afford? Find out this and more with our easy to use calculators!

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How HomeLoansCanada Help You

Why work with a Mortgage Agent instead of just signing with your bank?

When you renew with your bank, you are negotiating with one lender who only offers one set of products. As your Mortgage Agent, I work for you, not the bank. Here is how I add value to your renewal:

1. I Shop the "Hidden" Market for You

Banks often offer existing clients a “posted rate” that is higher than what they offer new customers.

2. Expert Negotiation & Volume Discounts

You don’t have to be a negotiator; that’s my job.

Lenders know that mortgage agents send them millions of dollars in volume, which often gives us access to volume discounts and “discretionary rates” that you can’t get by walking into a branch.

3. A Holistic Financial Review

A lot changes in 5 years. Your renewal is the perfect time to fix other financial headaches.

Why Choose

Save Money and Unlock Opportunities with a Mortgage Refinance

Your home is one of your most valuable assets — and refinancing your mortgage can help you take full advantage of it. At HomeLoansCanada, we specialize in helping Ontario homeowners lower their payments, access equity, and simplify their finances through smart refinancing solutions.

With our team of experienced mortgage advisors, we make the refinancing process smooth, transparent, and tailored to your unique financial goals. Whether you want to consolidate debt, renovate your home, or free up cash for future investments, we’ll guide you every step of the way. Our mission is to help you save more, stress less, and make your home work harder for you.

Why Refinance Your Mortgage?

Lower Your Interest Rate

Take advantage of today’s competitive rates and save thousands over the life of your mortgage.

Consolidate Debt

Roll high-interest credit cards or loans into one affordable mortgage payment.

Access Home Equity

Use your home’s value to fund renovations, education, investments, or major purchases.

Adjust to Life’s Changes

Restructure your mortgage for flexibility during financial transitions or unexpected events.

The Ideal Renewal Timeline

Don’t wait for the 21-day notice. In Ontario, lenders are only legally required to send your renewal statement 21 days before your term ends. That is rarely enough time to switch lenders comfortably.

120 Days Out (4 Months): This is the "Sweet Spot." We can secure a rate hold for you now. If rates go up, you are protected. If they go down, you get the lower rate.
30 Days Out: If you haven't acted yet, your options narrow. We can still help, but rush fees for appraisals or legal work may apply.
21 Days Out: You receive your lender's offer. Send it to us immediately for a free benchmark comparison.

Mortgage Renewal Reminder

Life gets busy. Don’t let your renewal date sneak up on you.

Sign up for our Smart Renewal Reminder. We will contact you 120 days before your mortgage matures to lock in a rate and review your options—no spam, just timely advice.

Frequently Asked Questions

Can my current lender deny my renewal?

It is rare, but yes. If you have missed payments or your credit has drastically dropped, a lender may choose not to offer a renewal. If you receive a “non-renewal” notice, contact us immediately. We have access to alternative lenders who specialize in these situations.

Does switching lenders cost money?

For a standard “straight switch” (same balance, same amortization), the new lender will often cover the appraisal and legal fees to win your business. You may have a small discharge fee from your old lender (approx. $300-$400), but the interest savings usually outweigh this cost significantly.

Can I renew early?

Yes. Most lenders allow you to “blend and extend” your mortgage before the maturity date. However, we should calculate if the “blend” rate is actually better than waiting or paying a penalty to break the term for a lower market rate.