Your renewal is a chance to negotiate.

Lenders know most borrowers sign the renewal letter without shopping. That first offer is often higher than what the same lender gives new clients. A broker can compare it with the market and, when it makes sense, move your mortgage to another lender or use the comparison to negotiate.

A straight switch moves the same balance and remaining amortization to a new lender at maturity. Since November 2024, these switches generally no longer require you to requalify under the stress test, which makes moving much easier for many homeowners.

Switching usually involves a new appraisal, a discharge fee and notary or registration costs. Many lenders cover some of these costs for switches. We compare the full cost, not just the rate.

• Fixed vs variable: predictability versus flexibility and penalty size
• Term length: shorter terms keep options open, longer terms lock in certainty
• Prepayment privileges: how much extra you can pay each year without penalty
• Penalty formula: some lenders' interest rate differential calculations are far more costly if you break early

Renewal is also the right moment to reconsider your amortization, add a line of credit or consolidate debt, without paying a penalty to break your mortgage.