Strategic Solutions
Mortgage Renewal Advisory
Your renewal is a strategic opportunity to restructure, renegotiate, and reposition your mortgage. We analyze your current terms against 60+ lender options to ensure optimal positioning.
Your Renewal Letter Is Not Your Best Option
Every mortgage term in Ontario eventually comes to an end, typically every one to five years. When it does, your lender sends a renewal letter with a new rate and term offer, often just weeks before your maturity date. Most Canadian homeowners simply sign this letter and send it back without a second thought. This is one of the most costly financial mistakes you can make. The rate on your renewal letter is almost never the best rate available to you. Lenders count on the convenience factor and the assumption that switching is too complicated. In reality, renewing your mortgage is one of the easiest and most impactful opportunities to improve your financial position. Whether you are in Toronto, Mississauga, Brampton, Hamilton, Ottawa, or any community across Ontario, I help you compare renewal options across 60+ lenders to ensure you are getting the most competitive rate and the most favorable terms available in today's market.
Why Renewal Is the Best Time to Shop Your Mortgage
At renewal, you can switch lenders without paying a prepayment penalty. This is a critical advantage that many homeowners overlook. During your term, breaking your mortgage to switch lenders means paying a potentially significant penalty. At renewal, that cost disappears entirely. This means you have full freedom to move to any lender offering better rates, terms, or flexibility. The only costs typically involved in switching at renewal are minimal legal and appraisal fees, which many receiving lenders will cover as part of their acquisition incentives. For homeowners in competitive Ontario markets like Oakville, Burlington, Markham, Richmond Hill, Vaughan, and Whitby, even a small rate difference of 0.25 percent on a $500,000 mortgage translates to over $6,000 in savings over a five-year term. I make the comparison process effortless by shopping your file across dozens of lenders and presenting you with a clear side-by-side analysis of your best options.
Start the Renewal Process 120 to 180 Days Early
The biggest mistake homeowners make with their renewal is waiting too long to start the process. If you receive your renewal letter just 30 days before maturity, you have limited time and leverage to negotiate or switch lenders. The optimal window to begin your renewal review is 120 to 180 days before your maturity date. This allows you to lock in a rate hold, which protects you from potential rate increases while giving you time to carefully evaluate your options. Many lenders offer early renewal programs that allow you to lock in today's rates months before your current term expires. I track your maturity date and reach out proactively to ensure you never miss this critical window. Clients across Ontario from London to Kingston, Barrie to Oshawa consistently report that starting early gave them the confidence to make a well-informed decision rather than feeling rushed into accepting their bank's first offer.
How It Works
Our Step-by-Step Process
Early Review
120 to 180 days before maturity, we review your current terms and start evaluating renewal options across the market.
Market Comparison
I shop your renewal across 60+ lenders to find the most competitive rate and terms for your situation.
Strategy Session
We discuss fixed vs. variable, term length, and whether switching lenders or renegotiating makes the most sense.
Seamless Transition
Whether you stay or switch, I handle all paperwork and coordination for a completely stress-free renewal.
Complex situations require strategic solutions. Let us structure the right one for you.
Is This Right For You
Who This Is For & What We Examine
Ideal Candidates
- Homeowners within 6 months of their mortgage maturity date
- Those who received an auto-renewal letter from their current lender
- Clients wanting to compare their bank's renewal offer against the open market
- Borrowers whose financial situation has improved since their original mortgage
- Homeowners wanting to switch from fixed to variable or vice versa
- Those looking to adjust their term length for their next period
- Clients who have never reviewed their mortgage terms since the original purchase
- Anyone who feels they may be overpaying on their current mortgage rate
What We Review
- Your current rate versus the best available market rates across 60+ lenders
- Fixed vs. variable rate strategy for the upcoming term based on market outlook
- Optimal term length selection (1, 2, 3, 4, or 5 year terms) based on your plans
- Portability, prepayment privileges, and flexibility features of each option
- Whether switching lenders provides meaningful savings after any associated costs
- Your long-term mortgage payoff timeline and amortization optimization
- Refinancing opportunities if you want to access equity or consolidate debt at renewal
- Government program eligibility including any changes since your last term
Fixed vs. Variable at Renewal: Making the Right Choice for the Next Term
The fixed versus variable decision at renewal time is particularly important because you are making this choice with full knowledge of how rates have moved since your last term began. If you originally locked into a fixed rate and rates have since dropped, you now have the opportunity to lock in at a lower rate or take advantage of variable rate savings. If rates have risen, you need to carefully weigh whether to lock in now before potential further increases or whether the market outlook suggests a variable rate will benefit you as rates eventually decline. I analyze current Bank of Canada trends, bond market signals, and economic forecasts to help you make an informed decision. My clients in Toronto, Mississauga, Hamilton, Ottawa, and across Ontario appreciate receiving a clear explanation of both scenarios with real numbers showing the monthly payment difference and total cost comparison over the next term.
The Hidden Costs of Auto-Renewal With Your Current Lender
When your lender sends a renewal letter, the offered rate is typically higher than what they would give a new customer, and almost certainly higher than what competing lenders are offering. Banks rely on customer inertia since most people will simply sign and return the letter rather than go through the perceived hassle of shopping around. Over a five-year term on a $500,000 mortgage, even a 0.30 percent rate difference costs you approximately $7,500 in unnecessary interest. Over the life of your mortgage, these compounding renewal overpayments can add up to $30,000 to $50,000 in avoidable costs. Beyond rate, the renewal is also your opportunity to negotiate better prepayment privileges, switch to a lender with more borrower-friendly penalty calculations, or adjust your amortization. Every homeowner in Ontario from Kitchener to St. Catharines, Niagara Falls to Sudbury, deserves to know their options before committing to another five-year term.
Switching Lenders at Renewal: What Ontario Homeowners Should Know
Switching lenders at renewal is significantly simpler than most homeowners expect. Since there is no prepayment penalty at maturity, the primary costs are a potential appraisal fee of $300 to $500 and legal fees for the assignment or new registration. Many receiving lenders offer cash-back incentives or cover these costs entirely to win your business. The process takes approximately two to four weeks, during which your existing lender continues to hold your mortgage until the new lender is ready to take over. There is no gap in coverage and no disruption to your payments. The key is to start early enough to complete the process before your maturity date. If you miss your maturity date, most lenders will convert you to an open mortgage at a higher rate, which motivates action. I handle the entire switching process for you, coordinating between both lenders and the legal team so that all you need to do is sign the final documents.
Using Your Renewal as an Opportunity to Restructure
Renewal is not just about getting a new rate. It is also an opportunity to fundamentally restructure your mortgage if your circumstances have changed. Perhaps your income has increased and you want to shorten your amortization to pay off your mortgage faster. Maybe you need to extend your amortization to reduce monthly payments during a temporary financial challenge. You might want to switch from monthly to accelerated biweekly payments, which can reduce your total interest by thousands over the life of the mortgage. If you have built significant equity, renewal is the perfect time to set up a home equity line of credit for future flexibility. For homeowners in high-growth Ontario markets like Markham, Vaughan, Richmond Hill, Aurora, and Newmarket, the equity gains over the past term may have opened up financial options that did not exist when you first obtained your mortgage.
Watch Out
Common Mistakes to Avoid
Signing your bank's renewal letter without comparing rates and terms from 60+ other lenders, potentially overpaying by thousands
Waiting until the last minute to start your renewal review, leaving no time to negotiate or switch lenders effectively
Choosing a term length without considering your future plans such as selling, renovating, or major life changes
Ignoring prepayment privileges and penalty calculations in the fine print, which could cost you significantly if you need flexibility
Not exploring whether refinancing at renewal could provide additional benefits like debt consolidation or equity access
Assuming that staying with your current lender is always easier or cheaper than switching
Failing to lock in a rate hold 120 or more days before maturity, missing the opportunity to protect against rate increases
Serving All of Ontario
Available Across Ontario
We serve clients in every corner of Ontario. Whether you are in the heart of Toronto or in a smaller community, our mortgage solutions are available to you.
FAQ
Frequently Asked Questions
Explore More
Related Mortgage Solutions
The information on this page is for general informational purposes only and does not constitute financial, legal, or tax advice. Rates, terms, and eligibility criteria are subject to change and vary by lender. All mortgage approvals are subject to lender underwriting criteria and conditions. Steven Himelfarb, Mortgage Agent Level 2 (Lic. #M19002406) | Integrity Tree Mortgages Inc. o/a Integrity Tree Financial (Brokerage Lic. #12963). Licensed and regulated by the Financial Services Regulatory Authority of Ontario (FSRA).
Start the Conversation
Book Your Free Strategy Call
I'll do the heavy lifting -- shopping 60+ lenders, structuring your deal, and handling every detail from start to close. No obligation. Just results.