Broker vs bank at mortgage renewal — the real cost
Your bank's renewal offer is set by their retention team. A broker shops 30–70 lenders in one application, including monolines the banks can't match. This calculator shows the gap between the two, dollar for dollar. Today's lowest advertised Canadian mortgage rate is 3.35% (5-year variable (Prime - 1.10%) Ratehub.ca Exclusive) — refreshed weekly.
Drop your email and Jay will check your actual offer against today's best rates within one business day.
Slide, type, or tap any value below — your monthly payment and 5-year savings update instantly.
Very poor — this offer is well above what's available in the market today.
Frequently asked
How much cheaper is a broker's renewal rate vs my bank?
Broker-channel rates are typically 0.20%–0.60% below what banks quote existing customers at renewal. On $500K over 5 years, that's $3,500–$10,500 in interest savings.
Do I pay the broker at renewal?
No. On residential renewals, the broker is paid a finder's fee by the new lender. You pay the standard switch costs (appraisal, discharge, legal) — usually $300–$1,500 total.
Does using a broker hurt my credit score?
A broker typically runs one credit check that covers submissions to multiple lenders. It's the same one-hard-inquiry impact as applying directly to a single bank.