Don't sign the renewal letter.
Not yet.
Your bank's renewal letter is its first offer, not its best. Send it to Andrew, get a real comparison from dozens of lenders in a day, and renew, switch or refinance with the number in front of you.
120 days
Rate hold before maturity
148
Five-Star Reviews
$0
Cost to compare
Send Andrew your renewal details.
Tell us when your term ends and Andrew will follow up with what the market offers versus your letter. If the letter is genuinely the best deal, he'll say so.
Renewal is when the bank counts on you not looking.
Lenders price renewal letters for people who sign without shopping. A quarter point on a Toronto-sized mortgage is thousands over the term.
The letter versus the market
Andrew puts your renewal offer next to what dozens of lenders would give you today, in one page.
Rate holds that protect you
Start 120 days out and you're covered if rates move up, free to move if they come down.
Switch without the runaround
Straight switches often come with the legal and appraisal costs covered. Andrew handles the paperwork with the new lender.
Refinance at the right moment
No penalty at maturity makes renewal the cheapest time to pull equity for a renovation, an investment or consolidation.
Any homeowner with a maturity date in the next year.
And a few situations where a second opinion pays off most.
- Your bank's letter arrived and the rate looks high
- You want to pull equity for a renovation or an investment property
- Your income changed since you first qualified
- You'd like to consolidate a line of credit or credit cards into the mortgage
- You renewed early under pressure and want to know your options
- You just want someone to check the letter before you sign
One letter in, one comparison out.
1. Send the letter
Forward the renewal letter or share your balance, rate and maturity date. Ten minutes, no credit check.
2. The comparison
Your offer beside the best fits from Andrew's lenders, with the all-in cost of switching shown honestly.
3. Hold the rate
Andrew locks a hold with the best option while you decide. If your bank sharpens its pencil, you win either way.
4. Switch or stay
Stay with your bank if it's the best deal, or switch with the new lender covering the transfer costs where they apply.
Mortgage renewal FAQ
My bank sent a renewal letter. Should I just sign it?
Not before comparing. The renewal letter is the lender's first offer, and most people who sign it leave money on the table. Send it to Andrew and you'll have a comparison from dozens of lenders within a day, at no cost.
When should I start?
About 120 days before your maturity date. That is when most lenders will hold a rate for you, so you are protected if rates rise and free to take a better one if they fall.
Is switching lenders at renewal expensive?
Usually not. At maturity there is no penalty, and many lenders cover the legal and appraisal costs of a straight switch. Andrew shows you the all-in number before you decide.
Do I have to requalify to switch?
For a straight switch of an insured or insurable mortgage, the stress test no longer applies. Uninsured switches are lender-by-lender. Andrew will tell you which case you are in from your current mortgage details.
Can I take equity out at renewal?
Yes. Renewal is the cheapest time to refinance for a renovation, an investment or consolidating higher-interest debt, because there is no penalty to break the existing term.
What if my renewal is months away, or already passed?
If it's months away, a rate hold now costs nothing. If you've already renewed into a term you regret, Andrew can calculate the penalty and tell you honestly whether breaking it is worth it.
Your renewal letter deserves a second opinion.
Send it to Andrew today. The comparison is free, and so is the advice to sign it if it's already the best deal.
Andrew Gad, Mortgage Agent Level 2 (Licence M20000321) | Premiere Mortgage Centre Inc. (Brokerage Licence #10317). 1655 Dupont Street #101, Toronto, ON M6P 3T1 | 416-454-4783 | agad@premieremortgage.ca. This page is for informational purposes only. Rates, holds and switch cost coverage vary by lender and change without notice. Penalty calculations are estimates until confirmed by your current lender.