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Ontario - License #11000073 · Nova Scotia - Licence #2023-3000786 · Mortgage Outlet Inc #12628
Mortgage renewal in Ontario
Most homeowners sign the renewal letter that arrives in the mail. It is the single most expensive default choice in Canadian mortgages, because it is the one offer nobody competed for.
Who this is for
- Renewal date within the next 6 months
- Already received a renewal letter from your lender
- Want to compare without disrupting your mortgage
- Considering a shorter or longer term this time
What's included
Renewal letter review
We read the rate, the term and the fine print, and tell you what it costs versus market.
A-lender comparison
Your file goes to several lenders so the offers compete for your business.
Switch handled for you
If moving lenders wins, the transfer paperwork and payout coordination is our job, not yours.
Term strategy
Fixed versus variable, and 2-, 3- or 5-year terms compared against your actual plans for the home.
Start 120 days out
Most lenders will hold a rate up to 120 days before your maturity date. Starting early means you can accept a lower rate if the market moves and simply keep your current lender if it does not. Starting two weeks out means taking whatever is on the table.
Switching is usually cheaper than people expect
At maturity there is no prepayment penalty for moving lenders. Transfer costs — appraisal, discharge and legal — are often covered or credited by the new lender. We put the net number in front of you rather than describing it in percentages.
Use renewal to fix the structure, not just the rate
Renewal is the cheapest moment to change amortisation, set up a prepayment plan, or add a readvanceable component. If your income or family situation has changed since the last term, this is when to reflect it.
How the process works
- 1
Read the letter
We translate your lender's renewal offer into a dollar figure over the term.
- 2
Shop the market
The same file goes to several A lenders so the comparison is like-for-like.
- 3
Switch or stay
If staying wins after costs, we tell you. If switching wins, we handle the transfer.
- 4
Sign before maturity
Paperwork completed early so you never fall onto a lender's posted rate.
Documents we'll ask for
- Your renewal or maturity letter
- Current mortgage statement
- Property tax bill
- Recent pay stubs and T4s (for a switch)
- Home insurance policy
Documents come in through secure upload — never plain email. Missing something? Send what you have and we'll tell you what still matters.
Run the numbers
Calculators for this file
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A-lender access
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Mortgage Agent Level 2
Licensed Mortgage Agent Level 2 serving Ontario borrowers.
Same-day callbacks
You speak with an agent, not a call queue.
CMP Top 75 Agent 2025
Recognized among Canada’s top mortgage professionals in 2025.
15+ years experience
Helping Ontario borrowers find the right mortgage for over 15 years.
- Do I have to accept my bank's renewal offer?
- No. At maturity you are free to move your mortgage to another lender with no prepayment penalty. The renewal letter is a first offer, and it is usually not the lender's best rate.
- Is there a penalty to switch lenders at renewal?
- Not at maturity. There may be discharge and legal costs, which many lenders cover on a straight switch. We confirm the exact costs before you decide.
- When should I start shopping my renewal?
- About 120 days before your maturity date. That gives you a rate hold plus time to compare, and it protects you if rates rise while you decide.
Find out what you actually qualify for
Send the basics and we'll come back with real lender options, or call and get an answer on the first conversation.