Your first mortgage renewal — what to expect
Your lender will send a renewal letter 30–120 days before maturity with 2–4 rate options. That first offer is almost always their worst — retention pricing lives one phone call away. Since November 2024, you can also switch lenders without the stress test at renewal.
How to approach your renewal
Mark 120 days before maturity in your calendar — that's when to start shopping.
Call your bank first, ask for retention. Get it in writing.
Then get a broker quote. Only switch if the savings after legal/appraisal cost pay back within 12 months.
FAQ
Most lenders auto-renew you into an open or 6-month convertible at posted rates — the worst possible outcome. Never let this happen.
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Jay Klair, Mortgage Agent Level 2 (M09000869) — Real Mortgage Associates, FSRA #10464, part of the DLGC Group of Companies · 5675 Whittle Rd, Suite 100, Mississauga, ON L4Z 3P8