Your lender's renewal offer isn't always the best rate available to you — but switching has its own costs. Enter both rates below to compare the interest you'd pay over your next term, after switching costs.
Enter your balance, both rates, term, remaining amortization and switching costs. The comparison updates instantly.
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It arrives automatically — and it isn't always competitive.
Your lender sends a renewal offer automatically before your term ends, and it's often priced at or near the posted rate rather than the best discounted rate available — lenders generally expect some borrowers not to shop around. Comparing that offer against what else is available, over the whole of your next term, is the only way to know whether it's actually competitive.
Many straight switches — same balance, same amortization, moving to a new lender — have their legal and appraisal costs covered by the new lender as an incentive, so "switching costs" are often smaller than borrowers assume. Ask before you assume you'll pay them.
The line that decides whether this is simple or not.
A straight transfer — the same balance and amortization, just a new lender — is usually a lender-to-lender administrative switch. If you add new money or change your amortization at the same time, that's treated as a refinance, and it needs a lawyer to discharge the old mortgage and register the new charge on title.
Doing nothing at renewal generally means your mortgage auto-renews into a short closed term at your lender's posted rate — rarely the best available number, so it's worth comparing before your renewal date passes.
Run your own number — any balance, rates, term or costs — in the calculator above; it uses the exact same math.
No. A renewal offer is often priced near the posted rate rather than the best discounted rate a lender would give a new or shopping customer. It's worth asking your lender directly, and comparing against other lenders, before assuming the first offer is final.
Not necessarily. A straight transfer — same balance, same amortization, new lender — is typically a simpler switch. Adding new money or changing your amortization turns it into a refinance, which needs a lawyer to register the new mortgage and discharge the old one.
Costs can include an appraisal, legal fees and a discharge fee. On a straight transfer, many new lenders cover some or all of these as an incentive to win your business — ask before you assume you'll pay them yourself.
Most mortgages auto-renew into a short closed term at the lender's posted rate if you don't respond — rarely the most competitive number available. Comparing your options before the renewal date is the only way to avoid it by default.
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Book a 20-minute call with a real estate lawyer — $150, HST included, credited in full toward your file once payment is received.
This is a 20-minute call. We cover as much as we can and stop at twenty minutes. If more is needed, we will say what the next step is and what it would cost.
“Buying a condo meant reading a status certificate I didn't understand, and it was explained to me in plain terms before closing.”
R.G. · Condo purchase · York Region
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Read more reviews →These are estimates for planning. They are not legal advice and they do not create a solicitor-client relationship. Last reviewed 23 September 2026.