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Renew with your lender, or switch?

In Ontario, your renewal letter is one offer. Compare it with another lender's, plan your payment under different rates, and see your renewal calendar.

From your renewal letter

From another lender's offer

Discharge, legal, appraisal — some lenders cover these

Enter your renewal rate and the rate offered to switch to compare them.

Plan your payment at renewal

From your statement

Enter your current rate to see payments under four scenarios.

Your renewal calendar

  1. About 4 months before Typically

    Start comparing. Lenders and brokers can typically hold a rate for about that long, so you can lock in an offer without committing.

  2. Before you sign anything Our advice

    Get at least one written offer from another lender, and ask your own lender for its most competitive rate for each term.

  3. At least 21 days before Rule

    A federally regulated lender must send your renewal statement — or tell you it won't renew (FCAC). Provincially regulated lenders, like Ontario credit unions, aren't covered by this federal rule.

  4. Maturity date Rule

    Renew, or switch to the new lender with no prepayment penalty. Discharge, legal or appraisal costs can apply; some lenders cover them.

Does the stress test apply at renewal?

  • Renewing with your lender: no re-qualification.
  • Switching an uninsured mortgage to another federally regulated lender with the same amount and no longer amortization: no stress test since November 21, 2024 (OSFI).
  • Switching an insured mortgage: no re-qualifying either (Canadian Mortgage Charter).
  • Adding money or extending the amortization: that's a refinance — you qualify again at the stress-test rate, and the 80% limit applies.

How this tool works

  • At the end of a term there is no prepayment penalty to switch. Costs such as discharge, legal or appraisal fees may apply; some lenders cover them.
  • Since November 21, 2024, an uninsured straight switch (same amount, no longer amortization) to another federally regulated lender doesn't need the stress test (OSFI). Insured mortgages can also switch without re-qualifying (Canadian Mortgage Charter).
  • Federally regulated lenders must send your renewal statement at least 21 days before the term ends (FCAC).

Rules checked 2026-10-23. Estimates only, not an offer or advice; a licensed broker confirms the numbers and every mortgage is subject to lender approval. Everything is calculated in your browser. The amounts you type are never sent to us.

Read next: How to negotiate your renewal · Payment shock at renewal · Renewal & switch

Questions about the renewal vs switch tool

When should I start comparing?

About four months before your renewal date — many lenders can hold a rate for about that long.

What if I sign my lender's renewal and then find a better offer?

Once you've renewed, you're in a new term, and leaving early usually means a penalty. Compare before you sign.

Can I add money when I switch?

Then it's a refinance, not a straight switch: you re-qualify, including the stress test, and the 80% limit applies.

More tools: Compare your offers · Fixed vs variable over time · Prepayment savings · Offer check · Payment shock at renewal

No cost to talk

Ask for options from actual lenders

A tool can only estimate. Tell us your plans and we'll come back with options from actual lenders — no cost to talk.

You can also call us at (416) 371-2077.

What are you looking to do?
Roughly how large is the mortgage?

Optional

We use these details to call you back about your mortgage, and store them in Canada. If we introduce you to a partner broker, we tell you first and share only what you have given us here. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. A pre-approval or quote is subject to lender approval.