In Quebec, about 350,000 mortgages come up for renewal every year. Over 70% of homeowners simply sign the offer sent by their current bank — without negotiating, without comparing. This is a mistake that costs an average of $4,000 to $12,000 over 5 years.
Mortgage renewal is your best negotiating lever. Unlike a new application, your property is already secured and your payment history proves your reliability. Lenders compete for your file. An OACIQ broker helps you leverage this negotiating power.
Key Points
Potential Savings Based on Rate Gap at Renewal
Frequently Asked Questions
Can my current lender refuse to renew my mortgage?+
Yes, legally. But this is very rare for clients in good standing. If your property has lost value or your financial situation has deteriorated, a lender could theoretically not renew. In this case, an OACIQ broker can find an alternative lender.
Are there fees to switch lenders at renewal?+
Generally no. Most lenders absorb transfer fees to attract your file. There may be minor registration fees ($50 to $250), often reimbursed by the new lender.
Can I change my amortization period at renewal?+
Yes, if you switch lenders or if your current lender agrees. You can reduce the amortization to pay off faster, or extend it to reduce payments.
What's the best term to choose at renewal in 2026?+
In July 2026, with rates stabilizing, the 3-year term offers a good balance: competitive rate (4.79%–5.19%) and flexibility to renegotiate if rates drop. The 5-year fixed suits if you seek maximum stability.
Ready to take action?
An OACIQ broker analyzes your situation for free and presents the best options.
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