Mortgage Renewal: A Frequently Missed Opportunity
Every 5 years or so, your mortgage term expires and you must renew. Most homeowners simply sign their current lender's offer — a mistake that can cost thousands of dollars over the loan's lifetime.
Our OACIQ-certified mortgage brokers compare offers from over 200 lenders to guarantee you the best available rate. The service is 100% free for residential renewals.
Why Use a Broker for Your Renewal?
Comparison: Renewing With or Without a Broker
Renewal in Your City
Frequently Asked Questions
When should I start shopping for my mortgage renewal?+
Start 120 to 180 days before your term expires. Most lenders allow you to lock in a rate in advance without penalty. Our brokers begin the process 4 to 6 months before to guarantee you the best available rate.
Does my current lender have to give me the best renewal offer?+
No. Your current lender will often send you an automatic renewal offer that isn't necessarily competitive. This is precisely why a mortgage broker systematically compares 200+ lenders to find a better option for you.
Are there penalties for switching lenders at renewal?+
No. At the end of your term, you can switch lenders freely, without any penalty. This is the ideal time to create competition and get a better rate.
Fixed or variable rate at renewal in 2026?+
The choice depends on your risk profile and economic forecasts. In 2026, with the downward trend in prime rates, variable rates may be advantageous. Our OACIQ brokers analyze your situation to recommend the best option.
Can the amount or term be modified at renewal?+
Yes. Renewal is an opportunity to renegotiate all your conditions: amount, amortization, payment frequency, and rate type. It's also the right time to increase your payments to pay off faster.
Is using a broker for renewal free?+
Yes, mortgage brokerage services for residential renewal are completely free. The broker is compensated by the lender selected, not by you.