Stay with your lender
Review the offer against your current needs and ask about available terms. Staying may be convenient, but your payment and contract features still deserve a fresh look.
Your next mortgage chapterRenew with a plan.
Renew with a plan.
Not just a signature.
Your lender’s renewal offer is a starting point. Let’s look at your payment, flexibility and next few years—then compare staying, switching or refinancing.
North York · Toronto · Ontario
One renewal. Three possible directions.
The right choice depends on your plans as well as your rate. FairChoice helps you understand the trade-offs before you commit.
Switch lenders
Compare a new lender’s offer, approval requirements and transfer costs. Ask which costs, if any, the new lender will cover and what changes in the contract.
Explore a refinance
If you need additional funds or a different structure, ask for a separate refinance comparison. Consider fees and total borrowing cost alongside the monthly payment.
A clear path from offer to decision.
Share your starting point
Tell us your maturity date, current balance and what has changed since your last mortgage. An initial conversation helps establish what needs attention.
Compare the whole mortgage
Review payments, fixed or variable options, prepayment privileges, portability and costs. We explain lender conditions and any documents needed.
Confirm your next steps
Once you choose an option, your broker explains the approval and completion process. Keep track of deadlines before your current term ends.
Have these details ready.
You can start with a conversation. These details help make the review more useful:
- Your maturity date and current lender
- Your latest mortgage statement and renewal offer, if available
- Current payment and remaining amortization
- Plans to move, renovate or make extra payments
- Changes to income or other borrowing
- Questions about your current mortgage terms
Please don’t send identity documents, bank statements or account numbers through the website enquiry form. Your broker can arrange a suitable document-sharing method.
Renewal questions, answered.
When should I start?
Start comparing options a few months before your term ends. An earlier conversation gives you time to gather information and understand the available choices. Rate-hold availability and length vary by lender and product.
Do I have to accept my lender’s renewal offer?
You can review the offer and explore alternatives. Check the deadline and any automatic-renewal terms in your documents, and allow time for another lender’s approval if you want to switch.
Is switching at renewal free?
There may be discharge, registration, appraisal or administration costs. Ask for the total cost and whether a lender will cover any of it. Leaving before your term ends may also trigger a prepayment penalty.
What if my situation has changed?
Tell your broker about changes to employment, household budget or property plans. Those details help determine which options to investigate and what documentation a lender may require.
Can I discuss my renewal without applying immediately?
Yes. Use the enquiry form to request a renewal conversation. An enquiry is not a mortgage application or an approval.
Consumer resource: FCAC guide to renewing your mortgage. Options are subject to lender approval and your circumstances.
Make your next term work for your next chapter.
Tell us when your mortgage renews and what matters most to you.