Renewal and mortgage transfer
Get the best rate at the end of your term—don't settle for less.
Do not just renew - Compare and save!
When your mortgage term ends, your current lender will send you a renewal offer. Many homeowners simply sign it without shopping around - and that could cost you thousands of dollars.
As a mortgage broker, I can help you compare offers from more than 26 lenders to ensure you get the best rate and the best possible terms for your renewal.
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What is Mortgage Renewal?
Mortgage renewal occurs when your current mortgage term expires (usually every 1 to 5 years), but your loan is not yet fully repaid.
At this point, you have three main options:
- Renew with your current lender at the rate they offer you
- Transfer to a new lender for a better rate or better terms
- Refinance to access equity or adjust the structure of your mortgage
The key is to start shopping 120 days before your renewal date to get the best rate and avoid being stuck with a unfavorable offer.
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What is a mortgage transfer?
A mortgage transfer means moving your existing mortgage to a new lender at the end of your term - without changing the amount or the structure of the loan.
Advantages of the transfer:
- Better interest rate - Often significantly lower than your current lender's renewal offer
- No penalty - Transfers at term end are penalty-free
- Better terms - More flexible prepayment options, in transferability, etc.
- No appraisal required in most cases
- Minimal fees - Several lenders cover legal/transfer fees
The transfer process is simple and quick - I handle all the paperwork and coordination with both lenders.
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Why Your Bank Wants You to Just Sign
Banks rely on customers' laziness and loyalty. They know that most people do not shop at renewal time, that the renewal process seems complicated, and that customers assume their current lender offers a competitive rate.
The reality: The initial renewal offer from your lender is often higher than the best rate available on the market.
That’s why it’s crucial to have an independent mortgage broker who compares all available options before signing anything.
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When should you start the process?
Timeline for renewal/transfer:
120 days before the due date: Contact me to start shopping rates. Several lenders offer rate guarantees for 120 days, protecting you against rate increases.
90-120 days before: Review your financial situation and your goals. Do you want to modify your amortization? Access equity? Change the payment frequency?
60-90 days before: Submit applications to obtain the best rate and terms.
30-45 days before: Finalize your choice and complete the transfer/renewal paperwork.
At the due date: Your new mortgage (or renewed mortgage) takes effect smoothly.
Important: Don’t wait until the last minute! Starting early gives you the most negotiating power and the best rate selection.
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Common renewal mistakes to avoid
1. Sign the first offer
The first offer from your lender is rarely the best. Always negotiate or compare with other lenders.
2. Wait for the last week
This limits your options and puts you in a weak negotiating position.
3. Look only at the rate
Consider prepayment privileges, transferability, penalty calculations, and other terms—not just the interest rate.
4. Do not review your financial situation
Your needs may have changed since you obtained your mortgage. Perhaps you can afford higher payments to pay it off faster, or you need access to equity.
5. Assume that the transfer is complicated
With a broker handling everything, transferring to a new lender is simple and often costs you nothing.
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What documents do you need?
The renewal/transfer process requires minimal documentation:
- Current mortgage statement showing the balance and due date
- Proof of income (recent pay stubs, T4, or income tax returns)
- Property tax statement
- Proof of home insurance
- Identification (driver's license or passport)
In many cases, if you are simply transferring without changing the mortgage amount, no property appraisal is required.
I will guide you through exactly what is needed for your specific situation and help you gather everything efficiently.
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How I help you get the best deal
As your mortgage broker, I offer you:
- Access to over 26 lenders - Compare rates from big banks, credit unions, and alternative lenders
- Expert negotiation - I know the rates actually available and can negotiate on your behalf
- Rate monitoring - I monitor the market and alert you to the best time to lock in your rate
- Full paperwork management - I coordinate everything between lenders, lawyers, and you
- Impartial advice - I am paid by the lender, not by you, and I have no loyalty to any particular institution
- Time savings - A conversation with me replaces hours of calls to different banks
My goal is simple: to save you money and make the renewal process stress-free.
Francis LavalléeMortgage broker - AMF: 248693
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