Your mortgage is coming up for renewal — this is your chance to save thousands. Don't just sign your bank's letter.
Every 3-5 years, your mortgage term ends and you have a critical decision to make. Most Canadians simply sign their bank's renewal letter without shopping around — and it costs them thousands of dollars. At Mortgage Wave, we compare your bank's renewal offer against 50+ lenders to ensure you're getting the absolute best rate.
💡 Did you know? A 0.5% rate difference on a $500,000 mortgage saves you approximately $2,500 per year — that's over $12,500 over a 5-year term. Your bank is counting on you not shopping around.
Banks know that most customers won't bother comparing rates at renewal time. Their renewal letters typically offer posted rates — which are significantly higher than what's available through a broker. Banks rely on inertia: it feels easier to just sign and return the letter. But that "easy" decision could cost you thousands.
Many homeowners don't realize that switching lenders at renewal is free — there are no prepayment penalties when your term is up. The only cost is a minor discharge fee from your current lender (typically $200-$400). If switching saves you thousands in interest, that small fee pays for itself many times over.
Begin shopping 120 days before your renewal date to lock in the best rate.
Send us your renewal letter and we'll compare it against 50+ lenders.
We present you with the best available rates and terms — stay or switch.
Lock in your new rate and enjoy the savings over your next term.
Start 120 days (4 months) before your renewal date. Most lenders offer rate holds of 90-120 days, so you can lock in a great rate early. If rates drop further before your renewal, you can often renegotiate. Don't wait until the last minute — your bank is counting on that.
Absolutely! At the end of your mortgage term, you're free to move to any lender with no prepayment penalty. The only cost is a discharge fee from your current lender (usually $200-$400). If a new lender offers a better rate, the savings far outweigh this small fee.
That's perfectly fine! But even if you want to stay, shopping around gives you leverage. When you have a better offer in hand, your current lender will often match or beat it to keep your business. Either way, you win.