Mortgage Renewal · Toronto · Ontario
Your lender sent a renewal offer. Before you sign, find out what you can actually get.
Most Canadians renew on auto-pilot and never know what they left on the table. Jesse compares your offer against 50+ lenders and tells you straight: sign it, negotiate it, or switch.
1.15 million Canadian mortgages are renewing in 2026. Most lenders send a renewal offer 21 days before the deadline. They know that the shorter the window, the less likely you are to shop around. That is not a coincidence.
Renewal is one of the only moments in your mortgage where you have real leverage. You can stay, negotiate, or leave. Jesse’s job is to make sure you know which of those three is actually the right move for your situation, before you sign anything.
Here is what actually happens when you reach out
You share what your lender sent
Bring the renewal offer, your current rate, and how long you have left on your amortization. That is enough to start. Jesse tells you within the first call whether the number is competitive or not.
You get a rate hold while the market is shopped
Jesse takes your file to 50+ lenders and locks in the best rate he finds on your behalf. A rate hold is exactly what it sounds like: that rate is held for you for up to 120 days. If rates go down before your renewal date, you get the lower rate. If they go up, you are protected at the rate that was held. You do not lose by locking it in early.
You decide with full information
Sign your current offer, negotiate it using what Jesse found, or switch to a better lender. Your call. He lays out the numbers for each option and tells you what he would do and why.
See what your options actually look like.
If switching lenders sounds like a hassle, here is what it actually involves
Switching lenders at renewal is simpler than most people expect. For insured mortgages, there is no stress test re-qualification. Jesse coordinates with your new lender, your lawyer receives a standard assignment, and the transition happens at your renewal date. You do not move. You do not reapply from scratch. You get a better rate.
The main scenario where switching gets more complex: if your mortgage is uninsured and you are extending your amortization, or if there is a HELOC in second position behind your mortgage. He flags these upfront so there are no surprises.
Fixed or variable? And how long a term?
Fixed gives you a locked payment for the term. Variable tracks prime, moves up or down with Bank of Canada decisions, and comes with a lighter penalty if you need to break early.
In 2025 and 2026 most borrowers have been choosing shorter fixed terms, 2 or 3 years rather than 5, to preserve the option to renegotiate sooner. That is a reasonable position. It is not the right position for everyone.
Jesse looks at your income, your plans for the home, and your tolerance for payment variability before making a recommendation. There is no single right answer, but there is usually a clearly better one for your specific situation.
Frequently asked questions
4 to 6 months before your renewal date. That is when lenders compete for your business and when you have the most room to negotiate with your existing lender. Inside 30 days, your options narrow significantly.
For a straight switch at renewal, no. Since November 2024, both insured and uninsured mortgages are exempt from the stress test when you switch lenders without increasing the balance or extending the amortization. If you are changing terms, increasing the amount, or extending the amortization, you will need to re-qualify. Jesse tells you upfront which category you are in.
Completely reasonable. Jesse can tell you whether their offer is fair before you sign back. If it is, sign it. If it is not, you now have a number to negotiate with. Either way you are better off knowing.
Renewal is one of the most common reasons people work with a broker. There is no cost to you. The broker is paid by the lender if you switch, and charges nothing for the review if you stay. Either way you get a clear picture of where you stand.
Depends on your situation, your plans for the home, and your risk tolerance. Both scenarios get run with a direct recommendation. Most people in 2026 are leaning toward shorter fixed terms, but the right answer varies.
Already received your letter? Do not sign yet.
It takes one call to find out if it is the best you can get.
Your renewal is worth a conversation.
Jesse reviews your offer, shops the market, and gives you a straight answer. Free. Takes about 20 minutes.
