Mortgage Professor
Mortgage Renewal in Ontario
60% of Canadians auto-renew at their lender's offered rate. Most leave thousands on the table. Don't be one of them.
60% of Canadians auto-renew at their current lender's offered rate. Most leave thousands of dollars on the table by doing so. Renewal is your one moment of leverage — your mortgage is portable, your competition is hungry, and switching lenders at renewal costs you nothing.
At Mortgage Professor, our team makes sure you renew smart, not auto. We review your lender's renewal offer, shop it against 50+ competing lenders, negotiate on your behalf, and help you decide whether to stay (with better terms) or switch (penalty-free).
The renewal letter your lender sends 4 months before maturity is a starting offer, not a final rate. Treat it as a negotiation opening — because that's exactly what it is.
Quick Facts
Understanding Your Options
What is a Mortgage Renewal?
At the end of your mortgage term (1-10 years), the remaining balance must be renewed with the same or different lender. Critically, renewal is the only time you can switch lenders without paying a prepayment penalty.
The Renewal Process
About 4 months before maturity, your lender sends a renewal letter with an offered rate. This rate is almost never their best rate — it's designed for borrowers who will simply sign and return. Negotiating or shopping typically saves 50-150 basis points.
Renewal vs. Refinance
Renewal keeps your mortgage amount and amortization largely unchanged — you're just locking in a new rate for the next term. Refinancing increases your mortgage amount, extends amortization, or makes other structural changes. Renewal is simpler; refinancing offers more flexibility.
Switching Lenders at Renewal
If another lender offers better terms, you can switch at renewal with no prepayment penalty. The new lender pays off your old mortgage, registers theirs, and you continue with lower payments. Legal and appraisal costs may be covered by the new lender.
“Your home equity is a powerful financial tool. Let us help you use it wisely.”
The Process
How It Works
Renewal Audit
We review your current rate, balance, and lender's renewal offer to establish the baseline.
Market Shop
50+ lenders compared, including your current one, to find the genuinely best rate and terms.
Negotiate or Switch
Armed with competitive offers, we negotiate with your current lender or facilitate a penalty-free switch.
Strategy Selection
Choose the right term and rate type (fixed vs variable) based on your 5-year financial outlook.
Key Benefits
Why Choose This Option
Switch Lenders with No Penalty
Renewal is the one time you can move to a new lender without paying a prepayment penalty.
Negotiate Down from Posted Rates
Lender renewal offers are negotiable. We typically save clients 50-150 basis points off the initial offer.
Restructure Terms
Change your amortization, payment frequency, or prepayment privileges at renewal time.
Lock in or Stay Variable
Make a strategic rate type decision based on current market conditions and your risk tolerance.
Add or Remove Borrowers
Minor ownership changes may be possible at renewal; major changes require refinancing.
No Cost to Shop
Our service costs you nothing — we're paid by the lender when your mortgage funds.
Eligibility
Who Qualifies
Anyone with a mortgage approaching maturity qualifies for renewal assistance. The best time to start shopping is 4-6 months before your maturity date.
Typical Requirements
- Mortgage approaching maturity (start 4-6 months before)
- Current mortgage in good standing
- No major credit decline since original mortgage
- Property value hasn't dropped significantly
- Switching doesn't require refinance-level qualification
Not sure if you qualify? Get a free assessment.
Questions & Answers
Frequently Asked Questions
Request Your Free Consultation
Share a few details about your situation and our team will reach out within one business day. No obligation, no pressure — just expert advice tailored to your needs.
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Speak with a Professor
Schedule a complimentary 30-minute consultation with our team. We'll review your situation, walk you through the options, and outline a path forward — no obligation.
Or call 647-955-9400
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