Mortgage Renewal Coming Up in Ottawa? Don't Just Sign.
Banks offer their worst rates to existing customers. Shop around and save thousands on your next term with our expert renewal negotiation.
Maximize Savings at Mortgage Renewal
Did you know that over 70% of Ottawa homeowners simply sign their renewal letter without asking questions? Lenders count on this complacency to offer higher rates than necessary.
We force lenders to compete for your business. By shopping your renewal to over 50 lenders, we ensure you get the absolute best rate and terms available in the market today.
Get A Better RateIs Your Mortgage Matured?
We help Ottawa residents navigate their renewal options for maximum savings.
Received Renewal Letter
If your bank sent you a letter with a new rate, don't sign it yet. That is their opening offer, not their best offer. We can beat it.
Want to Consolidate
Renewal is the perfect time to roll high-interest credit card debt into your mortgage to lower your monthly cash flow.
Need Flexibility
Life changes. Maybe you need a HELOC or better prepayment options. We find a lender that matches your future goals.
What is Mortgage Renewal?
A mortgage term typically lasts between 1 to 5 years. At the end of this term, your mortgage "matures," and you must renew your mortgage for another term. This is the single most important financial opportunity you have as a homeowner.
In Ottawa, many banks offer existing clients a "posted rate" discount that is still significantly higher than what they offer new clients. This is often called the "laziness tax." By using a broker during your renewal window, you can access wholesale interest rates that aren't available to the general public.
Our renewal process is designed to:
- Secure a rate hold up to 120 days before your maturity date.
- Analyze if a fixed or variable rate is better for the current economy.
- Switch lenders without penalties or legal fees.
- A 12-month interest-only term to give you breathing room.
- Restructure your amortization to lower payments if needed.
Whether your mortgage is up for renewal next month or in 6 months, acting now secures your financial future against rising rates.
Why Renew With a Broker?
We work for you, not the bank. Here is why you should let us handle your renewal.
⚡ Lower Interest Rates
We shop the entire Canadian market to find rates significantly lower than your bank's renewal offer.
🛡️ No Cost to Switch
In almost all standard renewal cases, the new lender covers the appraisal and legal costs to switch.
🤝 Unbiased Advice
We don't push specific bank products. We offer unbiased advice on Fixed vs. Variable based on your risk tolerance.
📉 Early Rate Holds
We can lock in a rate for you up to 120 days in advance, protecting you if rates rise before your renewal date.
🗓️ Custom Terms
Not stuck on 5 years? We can find 1, 2, 3, or 4-year terms that might offer better value or flexibility.
🇨🇦 Ottawa Experts
We understand the local Ottawa market and work with local appraisers to ensure a smooth transition.
The Renewal Process
Four simple steps to securing a better mortgage.
Review Offer
Send us the renewal letter you received from your current lender (or tell us when your term ends).
Market Shop
We compare your offer against 50+ lenders to see if we can beat the rate or improve the terms.
Lock Rate
We secure a commitment for a better rate. You sign the paperwork to authorize the switch.
Seamless Switch
On your renewal date, the mortgage transfers automatically. You start paying less interest immediately.
Eligibility for Renewal
Every homeowner with a mortgage will face renewal. Are you ready?
- ✅ Must have a mortgage maturing within the next 4-6 months.
- ✅ Good credit history ensures the most competitive "A" lender rates.
- ✅ If your credit is bruised, we have alternative renewal options.
- ✅ Available for residential properties in Ottawa and surrounding areas.
Frequently Asked Questions
Common questions about mortgage renewals in Ottawa.
When should I start shopping for a renewal?
You should start looking 4 to 6 months before your maturity date. This allows us to lock in a rate early. If rates go up, you are protected. If rates go down, we can get you the lower rate.
Is there a penalty to switch at renewal?
No. Your contract is finished on the maturity date. You are free to leave your current lender and move to a new one without paying any prepayment penalties.
Does it cost money to switch lenders?
In most standard cases (switching an insured or insurable mortgage), the new lender will pay the legal and appraisal fees. It is usually completely free for you to switch and save money.
Should I choose Fixed or Variable?
This depends on your risk tolerance and the current economic outlook. We provide a detailed analysis of the pros and cons of each based on current Bank of Canada announcements.
Can I add a Line of Credit (HELOC) at renewal?
Yes. Renewal is a great time to refinance and add a Home Equity Line of Credit. Note that this changes the transaction from a "switch" to a "refinance," which may incur legal fees, but unlocks cheap borrowing power.
What if my credit score has dropped?
If your credit has damaged since you first got your mortgage, your current bank might offer a high rate or refuse renewal. We have access to "B" lenders and private options to ensure you stay in your home.
Do I have to re-qualify to switch?
Yes, moving to a new lender requires a credit check and income verification. However, saving 0.50% or more on your interest rate makes the minimal paperwork well worth the effort.
Don't Auto-Renew. Auto-Save.
Let us review your offer for free. If we can't beat it, you stay put. If we can, you save thousands.