Renewals
Don't just sign the renewal letter.
Is this you?
Who this is for
- Your mortgage term ends in the next six months
- You got a renewal letter and you're not sure the rate is any good
- Your payment is about to jump and you want options
How it goes
Step by step
- 01
Your renewal letter
Have your renewal letter handy when we talk. The rate, term and balance are enough to start.
- 02
The comparison
Your current lender's offer next to what other lenders will do, costs included.
- 03
Your call
Stay or switch. If staying is the better deal, I'll tell you.
- 04
The switch
If you move, I handle the lender paperwork. Your lawyer or notary handles the rest.
Numbers to know
The rules, in plain English
Switching at renewal
No new stress test
For an uninsured mortgage moved to a new lender 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.
What to have ready
Documents most lenders ask for
- Your renewal letter or current mortgage statement
- Government photo ID
- Recent proof of income (the new lender will ask)
Don't email these.
When it's time, you'll upload them through the brokerage's secure application. Every lender is a bit different, so I'll send you an exact list.
Calculators
Try the numbers
Questions
Common questions
Do I have to pass the stress test again if I switch?
Not if it's a straight switch of an uninsured mortgage: same amount, same amortization, new lender. That's been OSFI's position since November 2024. Add money or time and you qualify again.
When should I start looking?
About four to six months before your term ends. That gives us time to compare and lock in a rate hold if it makes sense.
Does switching cost anything?
There can be legal, appraisal or discharge fees. Some lenders cover some of them. The renewal calculator lets you plug those in so you see the real difference.
Ryan Grafton, Mortgage Broker | Mortgage Architects
Got a question? Ask it.
Fifteen minutes on the phone usually clears it up. No pressure.