Last updated: November 4, 2026
Federally regulated lenders have to send your renewal statement at least 21 days before your term ends. It looks official and it's easy to sign.
Don't sign it yet.
The renewal offer isn't the only offer
When your term ends, you're free to move your mortgage to another lender without a penalty. Your current lender knows that, but the first offer isn't always the lender's best one.
Comparing can start with one conversation. Staying put is still an option at the end of it.
You might not need the stress test again
This is the part people worry about. Since November 2024, if your mortgage is uninsured and you move it from one federally regulated lender to another at renewal, with the same balance and the same amortization, the new lender doesn't have to use the stress test rate. That's called a straight switch.
The new lender still reviews your file. And the rule only covers federally regulated lenders, so if a credit union's involved, ask what it requires.
If you want to borrow more or stretch the amortization, it isn't a straight switch anymore, and you'll qualify like a new mortgage.
Switching at renewal
No new stress test
For an uninsured mortgage moved between federally regulated lenders with the same balance and amortization. Add money or time and you qualify again.
Source: OSFI, Backgrounder: Minimum Qualifying Rate, November 21, 2024 (no MQR on an uninsured switch to another federally regulated lender with no increase in amortization or loan amount). Checked Nov 3, 2026.
The stress test
5.25% or rate + 2%
Lenders check you could afford the payment at whichever is higher. It's a safety check, not the rate you'll pay.
Source: OSFI, Minimum qualifying rate for uninsured mortgages (modified 2026-01-29). Checked Nov 3, 2026.
When to start
About four to six months before your term ends. That leaves time to compare, and time to lock a rate if it makes sense.
What switching can cost
There can be legal, appraisal or discharge fees. Some lenders cover some or all of them. Put them in the renewal calculator with both rates and you'll see the real difference over the term, costs included.
Before we talk
Have your renewal letter handy when we talk, or just the balance, rate, term and maturity date. That's enough for a first look. Book a 15-minute call when you're ready.
This is general information from Ryan Grafton, Mortgage Broker, not advice for your situation. Estimates only. This isn't advice, a rate quote or a pre-approval. Your real numbers depend on your lender and your approval. Rules as checked on November 4, 2026.
Sources
- FCAC, Renewing your mortgage: the 21-day renewal statement, moving to another lender, and switching costs, checked November 4, 2026
- FCAC, Mortgage fees: prepayment penalties, checked November 4, 2026
- OSFI, Backgrounder: Minimum Qualifying Rate, November 21, 2024, checked November 4, 2026
- OSFI, Letter exempting uninsured straight switches from the prescribed qualifying rate, checked November 4, 2026
- OSFI, Minimum qualifying rate for uninsured mortgages, checked November 4, 2026