Mortgage Renewal Checklist for Ontario

If your mortgage is coming up for renewal, you have a decision to make. Many homeowners sign and return the renewal letter their lender sends. That can leave money on the table, because the first offer is not always the lowest rate you qualify for.

Why You Should Compare Before You Renew

Federally regulated lenders, such as the big banks, must send a renewal statement at least 21 days before your term ends. Many send one sooner, often 90 to 120 days ahead. The Financial Consumer Agency of Canada (FCAC) notes that you may qualify for a lower rate than the one in your renewal letter, and that if you do nothing your mortgage may renew automatically at a less favourable rate.

By comparing options at renewal time, you may be able to:

Get a lower interest rate by showing your lender a competing offer
Move to better terms, such as prepayment privileges or a different penalty structure
Change your amortization or payment frequency
Switch lenders, often at little or no cost to you (see the costs section below)

Staying with your current lender can also be the right call. The point is to compare before you decide.

Your Renewal Checklist

4 to 6 Months Before Renewal

Check your renewal date. It is on your mortgage statement or commitment letter.
Review your current mortgage details. What is your rate, term, balance, and amortization remaining? Ask whether your mortgage is registered as a collateral charge, because that affects the cost of switching.
Assess your financial situation. Has your income changed? New debts? Plans to move?
Talk to a mortgage agent. We can start comparing options months before your renewal date.

2 to 4 Months Before Renewal

Compare offers. Your current lender's renewal offer against what other lenders are offering.
Consider your term length. Fixed or variable? 3-year or 5-year? This depends on your plans and comfort with payment changes. Our post on fixed vs. variable rates covers the trade-offs.
Ask for a rate hold with a new lender if you are leaning toward switching. Many lenders hold a rate for 90 to 120 days, so lock one in about 120 days before your renewal date.

1 to 2 Months Before Renewal

Make your decision. Stay or switch?
If staying: Ask your current lender to match or improve on a competing offer.
If switching: Complete the application with the new lender. They arrange the transfer with your lawyer.
Confirm the timing. Leaving on your maturity date means no prepayment penalty. Leaving before it does not.

At Renewal

Read the fine print. Prepayment limits, penalty calculations, portability.
Confirm the rate. Make sure it matches what was offered.
Sign and return. Either the renewal with your current lender or the commitment with the new one.

Can I Switch Lenders at Renewal?

Yes. On your maturity date there is no prepayment penalty for leaving, and many lenders cover some or all of the appraisal, legal and transfer costs on a switch. Fees vary. The FCAC lists possible costs as discharge, registration and transfer or assignment fees from your current lender, an appraisal, and administration fees. A collateral charge mortgage usually costs more to move, and you may owe a new mortgage insurance premium if you increase your loan or extend your amortization. Confirm the costs before you commit. Your new lender must approve you.

Switching usually takes a few weeks and typically requires:

A new mortgage application (we help with this)
An appraisal (some lenders waive it for switches)
A lawyer to register the new mortgage

Do I Have to Pass the Stress Test Again?

Often not, for a straight switch. A straight switch means the same mortgage amount and the same amortization.

Uninsured mortgages: since November 21, 2024, federally regulated lenders no longer have to apply the stress test (minimum qualifying rate) when you move your mortgage to a new lender in a straight switch.
Insured mortgages (low-ratio, up to 80% of the home's value): since December 16, 2024, the stress test requirement is removed for eligible straight switches from a federally regulated lender.

The new lender still checks your income, debts and credit. If you want to borrow more or extend your amortization, you will need to qualify in full. Eligibility rules vary by lender and by mortgage, so ask before assuming you qualify.

What Rate Should I Expect in 2026?

Rates change regularly, so we do not publish current rates in this post. In general:

Variable rates are influenced by the Bank of Canada overnight rate.
Fixed rates are influenced by government bond yields.
Your specific rate depends on your credit, income, property type, and loan-to-value ratio.

For a rate based on your file, ask us for a quote.

An Example: What a Lower Rate Could Mean

This is a hypothetical example with illustrative rates. It is not a rate offer, a quote or a forecast, and your numbers will differ.

Assumptions: $400,000 balance, 20-year amortization, 5-year fixed term, semi-annual compounding.

Scenario	Rate	Monthly payment	Interest paid over 5 years
Lender's first offer	4.90%	$2,607	$89,344
Lower rate after comparing	4.40%	$2,501	$79,971
Difference	0.50 points	$106 per month	$9,373

In this example the payment is $106 a month lower, which is about $6,400 less out of pocket over 60 payments. The lower-rate mortgage would also have a balance about $2,987 lower at the end of the term, which is why the interest difference is larger than the payment difference.

Start Early

The earlier you start, the more options you have. Start comparing 4 to 6 months before your renewal date. Rate holds from many lenders last 90 to 120 days, so the time to lock in a rate is closer to 4 months out. If your payment is likely to rise at renewal, starting early also gives you time to look at different terms and amortizations. For more on using your home's equity, see our post on refinancing in Barrie.

Check your renewal options →

Sources

Last updated October 28, 2026. Anthem Mortgage Group, FSRA #10294.

Mortgage Renewal Checklist: What to Do Before Your Renewal Date (2026)