Renew a mortgage or switch lenders
How do I renew my mortgage or switch lenders?
At the end of a mortgage term, you usually renew the remaining balance unless you repay it. You can compare other lenders before accepting an offer. Switching lenders still involves an approval process and possible fees.
Where to begin
- Start comparing offers before the term ends.
- Check the renewal balance, rate, payment frequency, term and fees.
- Compare total switching costs, including discharge, registration and appraisal.
- Ask about mortgage insurance and whether a collateral charge secures other debts.
- Confirm any straight-switch exception with the new lender and complete its approval and registration steps.
Before you open the official service
- Renewal statement, current mortgage terms and remaining amortization.
- Mortgage insurance details, if applicable.
Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.
What to check for your situation
Increasing the loan or remaining amortization is not the same as an unchanged switch. An exemption from a prescribed stress-test rate does not guarantee approval.
Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.
Official sources
canada.ca · Official websiteFCAC — Renewing your mortgageCompare offers before renewal; switching lenders requires approval and can incur fees. Existing mortgage insurance and collateral charges affect switching.Checked
osfi-bsif.gc.ca · Official websiteOSFI — Uninsured straight switches at renewalFor eligible uninsured switches between federally regulated lenders, no increase to loan amount or amortization is allowed for the prescribed-MQR exception. Lenders must still assess the borrower.Checked
Prepared by Active K Digital from the linked public guidance. Read our source approach.