Question 1

Can I switch lenders at renewal in Canada without a stress test?

Accepted Answer

Yes. In late 2024, the Office of the Superintendent of Financial Institutions (OSFI) confirmed that straight-switch mortgage renewals (including uninsured conventional mortgages) are completely exempt from the stress test when transferring to a different federally regulated lender, provided the mortgage balance and amortization schedule remain unchanged. This enables you to shop for the lowest wholesale rate without being held hostage by your current bank's uncompetitive offers.

Question 2

How early should I lock in my mortgage renewal rates in Ontario?

Accepted Answer

You should start shopping at least 120 days (4 months) before your maturity date. Most wholesale lenders allow us to lock in a rate-hold for up to 120 days. If interest rates drop before your renewal date, your rate adjusts downward; if rates climb, you remain protected by your locked-in rate hold.

Question 3

What is the typical mortgage renewal process in Ontario?

Accepted Answer

About 21 days before maturity, your bank is legally required to send a renewal statement. If you do nothing, they will auto-renew you into a high, standard-variable open rate. The ideal process is to contact a licensed broker 120 days out, secure a wholesale rate lock, model your cash-flow savings, and switch lenders seamlessly at maturity.

Question 4

What are the costs to switch lenders at my renewal date?

Accepted Answer

Switching lenders at maturity (a straight-switch) is typically 100% free. The new lender will cover standard transfer legal costs and appraisal fees as an incentive to win your mortgage business. You only incur discharge fees from your old bank (usually around $250 to $350), which is easily offset by saving thousands of dollars in interest.

Question 5

Are there income requirements for a mortgage renewal?

Accepted Answer

If you stay with your current lender, they rarely ask for updated income verification or documents at renewal. If you switch to a new lender to capture a lower wholesale rate, the new lender is required to run standard income verification. If you are self-employed or have had income changes, we work with alternative B lenders or private options to secure optimal paths.

Ontario Mortgage Renewal Insights

Renewal Savings Calculator

📅 The 120-Day Renewal Timeline

120 Days Out: Rate Lock

90 Days Out: Switch Audit

30 Days Out: Finalize Transfer

Renewal Day: Save Thousands

Mortgage Renewal FAQ

FSRA Licensed Brokerage

No Stress-Test Switches

Covered Switch Costs