Your Renewal Checklist: 5 Moves That Get You a Better Rate
Most people treat their mortgage renewal like a formality. They open the letter, see a rate, sign it, and move on. That one habit quietly costs Canadians thousands of dollars a year, because the rate your lender offers at renewal is rarely their best. Here are five moves to make before you sign anything.
1. Start early
You can lock a new rate up to 120 days before your maturity date. Starting early gives you time to shop and protects you if rates move. Waiting until the last week hands all the leverage to your current lender.
2. Treat the first offer as a starting point
The rate in your renewal letter is an opening bid, not a final answer. Lenders count on you signing it out of convenience. A quick counter, or a competing quote, often moves that number.
3. Shop other lenders, not just your own
This is where a broker earns their keep. I can compare your renewal offer against the whole market in one shot. If another lender is clearly better, switching is often worth it.
4. Switching usually doesn’t mean re-qualifying from scratch
A straight switch to a new lender at renewal, with no new money, often doesn’t require you to pass the stress test again. That makes moving for a better rate far easier than most people assume.
5. Use the moment to reassess
Renewal is also the perfect time to consolidate debt, change your amortization, or free up equity, usually with no penalty since your term is ending anyway. It’s a reset button, so use it.
Five minutes of effort at renewal can be worth more than a year of budgeting. Don’t leave it on the table.
Renewal coming up?
Don’t sign that letter yet. Let me shop your renewal across lenders first. It usually takes a few minutes and can save you thousands.
Tyler Salmon, Mortgage Agent Level 2 (Licence #M21003803) · Tango Ontario (FSRA #13691)
