Mortgage broker in Toronto for a second opinion on my bank's renewal (Ontario)

In Toronto and across Ontario, Stonefield Mortgage (FSRA mortgage brokerage licence #13722) will read your bank's renewal offer and check it against the lenders we work with. Our office in Richmond Hill serves Toronto and the GTA, and the team is led by David Steinfeld, mortgage broker. If staying with your bank is the better deal, we say so; if not, you get a written offer to take back to your bank or act on.

What a renewal second opinion is

Your renewal letter is your lender's offer for the next term, the length of your contract. The renewal letter is one offer, not the only one. In a second opinion, a licensed broker reads that offer and explains what each line means for you. The broker then compares that offer with what other banks, credit unions and monoline lenders (lenders that generally work only through brokers) would offer for the same mortgage.

A second opinion is a check, not a sales pitch. "Stay" is a real result. Sometimes the bank's offer holds up well once switching costs are counted, and then the honest answer is to sign it.

If the mortgage you want checked is a private mortgage rather than a bank renewal, Stonefield Capital, our private-lending brand, reviews private mortgages. See Stonefield Capital's second opinion on a private mortgage.

Who reviews your offer, and how to check our brokerage

David Steinfeld, mortgage broker, leads the team at Stonefield Mortgage (FSRA mortgage brokerage licence #13722). David has worked in mortgages for more than a decade. You can read more about David on his page.

If your mortgage is better placed with another brokerage, we introduce you to a mortgage broker we trust, and we tell you that is what we are doing.

Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Stonefield Mortgage is rated 5.0 on Google from 72 reviews on its Toronto profile, as displayed in October 2026.

Our office is at 4-60 Granton Drive, Richmond Hill. We serve Toronto and the GTA as part of our work across Ontario.

How a renewal second opinion works

Tell us about the offer. Use Can your bank do better? or the offer check to share the key numbers from your renewal letter: balance, term, rate type, payment, maturity date. Please do not send documents by e-mail.
We check the offer. A broker compares your offer with the lenders we work with and replies within one business day. You get a plain-English read: how the offer compares, what to ask your bank for, and whether switching would be worth the costs.
Take our written offer to your bank. Many banks have a renewal or retention team that can improve on the letter. The Financial Consumer Agency of Canada notes you "may qualify for a discounted interest rate that is lower than the rate quoted in your renewal letter" (source: Financial Consumer Agency of Canada, checked October 2026).
Match or move. If your bank matches, you stayed and paid less. If your bank does not match, we arrange the switch, subject to lender approval.

What we look at in a renewal offer

The rate is only part of a renewal offer. We also look at the term and whether it suits your plans, and at how the prepayment penalty is calculated. We check your prepayment privileges and whether the mortgage can move with you to a new home. And we work out what a switch would cost after any contribution from the new lender.

The timing of a second opinion matters too. Federally regulated lenders must send the renewal statement at least 21 days before your term ends (source: Financial Consumer Agency of Canada, checked October 2026). Twenty-one days is not long, so many borrowers ask for a second opinion a few months before maturity. At maturity you can switch lenders without a prepayment penalty.

What to do next

Bring your renewal offer to Can your bank do better?, or use our call-back form and David's team will be in touch.

Common follow-up questions

Does a renewal second opinion cost anything?

Usually not. For most bank, credit union and monoline mortgages, the lender pays the brokerage, so the service is usually free to you. We disclose any fee in writing before you commit. Our page on how we are paid explains how the brokerage is paid.

Will you tell me to stay with my bank?

Yes, when staying is the better deal for you. Sometimes the bank's offer holds up as it is, and sometimes the bank improves its offer after seeing a competing one. Either way, you stay with a clear reason.

Do I need to live in Toronto?

No. We work with borrowers across Ontario. The office in Richmond Hill serves Toronto and the GTA, and the offer check and call-back form work wherever you are in the province.