Renewal & switch
Mortgage renewal and switching lenders in Ontario
At the end of your term in Ontario you can renew with your lender, or move the mortgage to another lender without a prepayment penalty. We compare renewing with switching and explain what each would cost you.
When your mortgage term ends, you can renew with your current lender or switch to another lender with no prepayment penalty. Since November 21, 2024, federally regulated lenders no longer have to re-apply the stress test when you switch an uninsured mortgage at renewal without increasing the amount or the amortization. Start looking about four months before your renewal date.
Where are you at in your mortgage renewal journey
What we do next depends on where you are in your renewal, so find the moment that matches yours.
Your renewal date is about four months away
About four months before your mortgage term ends, we start comparing other lenders with your current lender. Many lenders can hold a rate for about four months, so you can compare offers without committing to one.
Your renewal letter has arrived
Federally regulated lenders must send a renewal statement at least 21 days before your mortgage term ends. Send us the renewal offer as soon as the statement arrives, and we compare that offer with other lenders before you sign.
Your renewal offer has a higher rate, so your payment will go up
If the renewal offer carries a higher interest rate than your current one, your monthly mortgage payment will rise. We compare that offer with other lenders and show how a different term length or amortization changes your monthly payment.
You want to borrow more, change who is on title, or sell soon
If you want to borrow more at renewal, the lender re-qualifies you for the larger mortgage. If you plan to sell soon or change who is on title, we match the term length and the lender to those plans.
The kinds of lender we try, in order
We start with the first kind of lender for every client, and move down the ladder only when the kind above can't help yet.
Banks, credit unions, trust companies and monoline lenders
A bank, credit union, trust company or monoline lender usually costs you least. We start here for every client, and compare more than one lender's offer.
How we compare lenders →Alternative ("B") lenders
We look at alternative lenders when your income, credit or property doesn't fit a bank's rules today. Alternative lenders charge higher rates and fees, often for a shorter term, so we plan your move back to a bank.
When an alternative lender fits →Private money, as a short bridge
We look at a private bridge only when no bank or alternative lender can help yet and there's a clear exit. We refer private requests to Stonefield Capital, our private-lending brand.
When private makes sense →
How we help with your renewal, and decide if you should switch
Send us your renewal offer
Tell us the balance, the offered terms and your renewal date, by phone or through the secure application.
We compare
We compare your lender's offer with other lenders' offers on the full cost. The full cost includes switching costs such as legal or discharge fees, which some lenders cover.
You decide
You choose whether to stay or switch. If staying is the better deal, we tell you so.
The switch
If you switch, the new lender pays out your current lender on your renewal date. You keep making payments as normal until then.
What documents and details do I need to have ready?
You need no documents for the first call. Once we know which documents your lender needs, you share them through a secure application and never by e-mail.
- Your renewal offer or latest mortgage statement
- Your property tax bill
- Current income documents (the new lender will verify income)
Questions about renewing or switching your mortgage
When should I start looking at my renewal?
About four months before the renewal date. Many lenders can hold a rate for about four months, which gives you time to compare without pressure.
Is there a penalty to switch lenders at renewal?
Not at the end of the term. Penalties apply when you break a mortgage before its term ends. There can be other costs, such as a discharge fee from your current lender and legal or registration costs, which some new lenders cover. We include those costs when we compare offers.
Do I have to pass the stress test again to switch?
No, not for an uninsured mortgage moving to another federally regulated lender on the same amount and amortization. OSFI removed the stress-test requirement for these switches on November 21, 2024. Insured mortgages can also be switched without re-qualifying (source: Canadian Mortgage Charter, Financial Consumer Agency of Canada briefing note, checked October 2026). If you borrow more or extend the amortization, the lender will re-qualify you.
Should I choose a fixed or variable rate?
It depends on how much payment change you can live with, how long you plan to keep the home, and the prepayment penalty each option carries. We walk through the trade-offs; the choice is yours.
Rules described on this page were checked on 2026-10-23. Every mortgage is subject to lender approval. This page is general information, not financial advice.
More questions about renewing or switching your mortgage
No cost to talk
Ask a mortgage broker to call you back
Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.
You can also call us at (416) 371-2077.