Your renewal letter is
a starting bid.
The rate your bank offered isn't the rate you have to take. You have 120 days before maturity to shop the entire market — no penalty, no credit hit. This is your one chance to reset the biggest bill you pay every month.
- ✓ Rate-hold protection against rising rates
- ✓ Free switch on insured mortgages
- ✓ Blend-and-extend / refi options most brokers won't mention
FSRA-licensed · No credit pull · Response in < 2 hours
Want the instant Renewal Rescue Report instead?
60%
of Canadian mortgages renew in 2025–26
$180–$340
avg monthly savings on renewals we place
120
days you can shop before maturity, no penalty
Sources & Methodology
~60% — of Canadian mortgages come up for renewal between 2025 and 2026.
Source: Bank of Canada, Financial Stability Report 2024 ·
120 days — is the standard rate-hold window Canadian A-lenders offer before mortgage maturity, at no cost to the borrower.
Source: Financial Consumer Agency of Canada — Mortgage renewal guide ·
Free — switching an insured mortgage at renewal typically incurs no penalty and legal costs are usually covered by the new lender.
Source: Financial Consumer Agency of Canada — Switching mortgage lender ·
Your 5 options at renewal
Most people take the first one. Most shouldn't.
Straight renewal (do nothing)
When: Only makes sense if the rate your bank offered is at or below broker-channel best. About 1 in 8 files.
Signal: Bank retention already matched market. Safe to sign.
Switch to a new A-lender
When: Your existing bank's offer is 20+ bps above best available. Free switch on insured mortgages, small legal on uninsured.
Signal: Highest ROI path for 70% of renewers in 2026.
Blend-and-extend with current lender
When: You want the bank to average your old low rate with new higher rate — no penalty, no re-qualifying.
Signal: Best when you're 6–18 months from maturity and rates are volatile.
Refinance at renewal
When: You need equity for renos/consolidation/investment. Refi at renewal = no penalty, up to 80% LTV.
Signal: The one time in your mortgage life you can restructure fee-free.
Extend amortization
When: Cash flow is tight and payment shock is real. Extending 25→30 yr amort drops the monthly, but adds lifetime interest.
Signal: Available at renewal even if it wasn't at origination. B-lenders will go to 35yr.
The Renewal Timeline
Every day past T–120 costs you optionality
T–120 days
Lock a rate hold with the incumbent OR with a broker. Free. Protects you if rates rise.
T–90 days
Get 2–3 broker-channel quotes. Compare against the bank offer.
T–60 days
Decide: stay, switch, blend, or refi. If switching, start the paperwork now.
T–30 days
Sign renewal or complete switch. Confirm PAD/prepayment terms.
T–0 (maturity)
New mortgage active. If nothing was done, your bank auto-renews you into an open variable at prime + 0.50 or worse. Don't let this happen.
Show us a lower rate we're eligible to fund — we match it or tell you honestly why we can't.
- Bring us a written rate quote from any A- or B-lender your file qualifies at.
- If we can source the same or lower rate through our 45+ lender panel, we match it.
- If we can't, you get a written explanation of why (product mismatch, penalty structure, LTV, etc.) — not a sales pitch.
Rates depend on file qualification. Match applies to like-for-like products (same term, amortization, insurability, prepayment terms). No obligation and no fee for the review.
Personally reviewed by
Vikas Sharma
Broker · Part of Dream Home + Life
I personally review every complex approvals, declined files, self-employed and respond within 1 business day.
Questions you probably have
What's the 120-day rate hold?+
Most lenders will lock a rate for up to 120 days before your maturity date at no cost. If rates rise, you're protected. If rates drop, you take the lower one. This is your single most valuable free option in the mortgage lifecycle — and it disappears the day your renewal auto-executes.
Does switching to a new lender cost me anything?+
On INSURED mortgages: essentially free — the new lender pays discharge + legal. On UNINSURED / conventional mortgages: typically $500–$1,000 in legal and appraisal, which is folded into the new mortgage or paid by the new lender in many cases. Compare that to $180–$340/mo savings and the math is not close.
What is blend-and-extend?+
Your existing lender takes your current rate + a new higher rate, blends them into a weighted average, and re-extends your term. Zero penalty. Useful when you want to lock more term without breaking. Bank retention offers it grudgingly — usually only if you ask by name.
What if my mortgage is with a monoline (MCAP, First National, etc.)?+
Same 120-day rule applies. Monolines are actually easier to shop against because their retention teams are less aggressive than the Big 6. If your monoline offers you a renewal above broker-channel best, switching is nearly always the right call.
I'm self-employed / bruised credit — will I qualify for switching?+
Switching a mortgage requires re-underwriting the file. If your income situation has weakened since origination, some A-lenders may decline the switch. That's where we route to alt-A or B-lender programs and still beat your bank's offer. If your file is severely bruised, we may recommend a straight renewal with your current lender and re-shopping next term.
Should I lock 3-year or 5-year at renewal?+
Depends on where rates are and where they're going. In an inverted-yield environment (short-term rates > long-term), a 3-year fixed often beats the 5-year on both rate AND optionality. Your broker should walk you through the rate curve, not just quote the 5-year default.
Related situations
Might also fit your file
Refinance at renewal
Renewal is the one time you can restructure fee-free — fold in high-interest debt or unlock equity for renos.
Open playbook →
Declined trying to switch?
If your bank's underwriting rejected a switch, alt-A and B-lender programs will still beat their offer.
Open playbook →
Renewing at 55+?
A reverse mortgage can eliminate the renewal payment entirely — worth comparing side-by-side.
Open playbook →
Sign the wrong renewal, overpay for 5 years.
Or spend 15 minutes with a broker and know exactly what you should be paying. Your renewal is a starting bid — negotiate it.
Get My Renewal Options →FSRA-licensed · No credit pull · Response in < 2 hours