Is your renewal offer a good deal?
Enter your mortgage details and your lender’s renewal offer. Get an instant grade against today’s best advertised rates, your potential savings, and the date you should start shopping.
Your renewal report
Your key dates
Cost comparison
| Option | Rate | Monthly payment | Interest over term | Balance at end of term |
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What this means
Questions to ask your lender before you sign
- Is this your best rate, or can you match what other lenders are advertising?
- What are my prepayment privileges each year (lump sum and payment increases)?
- How is the penalty calculated if I break the mortgage early: three months’ interest or the interest rate differential (IRD)?
- Is the mortgage portable if I move, and is it assumable?
- Can I change my payment frequency or amortization at renewal?
- If I switch lenders, who pays the legal, appraisal and discharge fees?
- How long can you hold this rate, and will I get a lower rate if rates drop before my renewal date?
Good to know
- Switching lenders at the end of your term has no prepayment penalty.
- A straight switch of an uninsured mortgage at renewal doesn’t require passing the stress test (since November 2024).
- If you do nothing, many lenders renew you automatically, often at a rate that isn’t their best.
Disclaimer: This report is an estimate for general information only and is not financial advice or an offer of credit. Best advertised rates are the lowest publicly advertised insured rates as of Oct 30, 2026; uninsured, refinance and other rates may be higher, and your rate depends on your credit, property, term and lender. Payments use Canadian semi-annual compounding and exclude property tax, insurance and fees. Confirm all terms with your lender before signing.
How the grade works
We compare your renewal offer with the best advertised rate for the same term, updated regularly.
- A, competitive: within 0.10% of the best advertised rate.
- B, decent: within 0.25%.
- C, worth negotiating: within 0.50%.
- D, shop around: more than 0.50% above the best advertised rate.
Savings show the difference in monthly payment and the interest you’d pay over the term, based on your balance and remaining amortization.
Mortgage renewal questions
When should I start shopping for my mortgage renewal?
About 120 days before your maturity date. Many lenders let you hold a rate for up to 120 days, so starting then gives you time to compare offers and lock in a rate before your current term ends.
Is there a penalty for switching lenders at renewal?
No prepayment penalty applies when you switch at the end of your term. There can be legal, appraisal or discharge fees, and some lenders cover part or all of them for a switch.
Do I have to pass the stress test to switch lenders at renewal?
Not for a straight switch. Since November 2024, borrowers who move an uninsured mortgage to a new lender at renewal, without adding to the balance or extending the amortization, don’t have to requalify under the stress test.
Should I just sign my bank’s renewal offer?
Not without comparing. The first renewal offer is often not the lender’s best rate. Knowing what other lenders advertise gives you a benchmark, and you can ask your lender to match it.
Why might my renewal rate be higher than the rates shown?
The rates shown are the lowest advertised insured rates. If your mortgage was not insured, or you are refinancing or changing the amount, your rate may be higher. Your credit, property and term also matter.
Disclaimer: General information only, not financial, legal or tax advice. Rules, taxes and rebates change; confirm current details with a qualified professional, your lawyer and your lender. TheCanadianMortgage.ca is not a lender. Rates are for illustration and subject to approval (OAC).