How do I negotiate my mortgage renewal with my bank in Ontario?

In Ontario, get a written offer from another lender for the same balance, term and amortization, then ask your bank's renewal or retention team to improve on its letter. Ask about four things, not only the rate: the rate, switching or discharge costs, prepayment room, and cash-back or fee coverage. The Financial Consumer Agency of Canada says you may qualify for a discounted rate lower than the one in your renewal letter (checked October 2026).

Negotiating your renewal, step by step

1. Start early. Brokers can often hold a rate about four months before renewal, so many borrowers start then. Your bank must send a renewal statement at least 21 days before the term ends (source: Financial Consumer Agency of Canada, checked October 2026). The renewal statement alone gives you short notice to shop.
2. Gather your numbers. You need your balance, maturity date, remaining amortization, current payment and prepayment privileges, from your latest statement or your contract.
3. Get a written competing offer for the same balance, term and amortization, subject to lender approval. When you shop for a mortgage, the credit bureaus count quotes from several lenders within a two-week window as one inquiry (source: Financial Consumer Agency of Canada, checked October 2026).
4. Call the renewal or retention team. Many banks have a team whose job is keeping renewing borrowers. If the number is not on your letter, the branch can usually connect you.
5. Make the four asks below, one at a time.
6. Get any improvement in writing before the reply-by date in your letter.
7. Decide: match or move. If you switch, the new lender's legal process or a real-estate lawyer moves the mortgage on your maturity date.

The four things to ask your bank for

• Rate: ask for a rate for the same term as your competing offer, so the two rates can be compared directly.
• Switching or discharge costs: ask what your bank charges to discharge the mortgage if you leave. If you are weighing a move, you can also ask the new lender to cover some or all of your switching costs (source: Financial Consumer Agency of Canada, checked October 2026).
• Prepayment room: ask how much you can add to your payments or pay as a lump sum each year without a charge. Paying more than the limit means a prepayment penalty (source: Financial Consumer Agency of Canada, checked October 2026).
• Cash-back or fee coverage: some lenders offer to pay a cost or a cash amount. Ask whether any of the cash-back has to be repaid if you break the mortgage early.

A short script for the call with your bank

Keep the call calm and specific. You do not need to name the other lender.

1. "My mortgage renews on (date). I have your renewal letter, and I would like to discuss it before I decide."
2. "I have a written offer from another lender for the same balance, term and amortization. The offer is (difference) percentage points below your letter."
3. "Can you match or improve on that for the same term?"
4. "If I stay, can you confirm my prepayment privileges, and whether any costs or cash-back apply?"
5. "If I move, what is your discharge fee?"
6. "I need to decide by (date). Can you send me the revised offer in writing before then?"

When to stop negotiating

If your bank matches, staying is a good result: you kept your lender and paid less. If your bank does not match, compare the saving with the cost of moving, net of anything the new lender covers.

Our renewal negotiation guide has a printable checklist. Our page on whether your bank will match explains what happens next.

What to do next

Check your renewal letter's terms in the offer check. Or go to Can your bank do better?, and we will put a written offer in your hand to take to your bank, subject to lender approval.