Renewal
Renewing your mortgage
Roughly seven in ten homeowners sign the renewal letter their lender mails them without asking a single question. It is the easiest money a lender makes.
Pre-qualification is not a mortgage approval or a commitment to lend. All mortgages are subject to lender approval.
A renewal letter is an opening position
Lenders send renewal offers to borrowers with clean payment histories precisely because those borrowers are worth keeping. The rate on that letter is rarely the sharpest one the same lender is quoting to a new client that week, and signing it by return post costs nothing to the lender and something real to you.
You can switch lenders at maturity without a penalty. On a straight switch there is usually no appraisal and no legal cost to you, because the receiving lender covers them. The work is paperwork, and the paperwork is our job.
Renewal is the moment to change the structure
Maturity is the one point in the life of a mortgage where you can restructure without a penalty. Shorten the amortization if your income has grown. Blend a line of credit into the new facility. Change the payment frequency. Add a lump-sum privilege you will actually use.
If you also want to take equity out, that is a refinance rather than a switch, and the costs differ. We will tell you which one you are actually doing before you sign anything.
Start four months out
Most lenders will hold a rate for 90 to 120 days. Starting four months before maturity means you have a rate secured while there is still time to compare, rather than two weeks out when your only realistic option is the letter on the table.
We diarise every client file we fund and call before the lender does.
What we never ask for online
No SIN, no date of birth, no credit score and no banking detail is collected through this website. When a lender formally needs those, you provide them directly through the lender’s own secure system.
How we handle your information
Find out what you qualify for.
Takes about two minutes. No credit inquiry to start, and no SIN required — we only ask for that when a lender formally needs it.
Pre-qualification is not a mortgage approval or a commitment to lend. All mortgages are subject to lender approval.