Your Renewal Is Your Biggest Savings Opportunity

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.

Why Most Bank Renewal Offers Are Too High

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.

What We Do at Renewal Time

Review your bank's offer — We analyze the rate, terms, and any conditions
Shop 50+ lenders — We get competing quotes from our lender network
Negotiate on your behalf — Armed with better offers, we help you get the best deal
Handle the switch — If moving to a new lender saves you money, we handle all the paperwork
No cost to you — Our service is free. We're compensated by the lender.

Switching Lenders at Renewal

At renewal, you may be able to switch lenders. Discharge, legal, appraisal, or transfer costs and lender conditions can apply, so compare the complete offer rather than the rate alone.

Renewal Checklist

Start Early

Begin reviewing your renewal options before the maturity date so there is time to compare complete offers.

Call Mortgage Wave

Send us your renewal letter and we'll compare it against 50+ lenders.

Review Options

We present you with the best available rates and terms — stay or switch.

Choose Your Option

Select the rate and terms that fit your circumstances and complete the renewal or switch.

Current renewal guidance (reviewed July 27, 2026): Renewal pricing is personalized rather than represented by the insured-purchase benchmarks. Your available rate and terms depend on your mortgage, borrower and property details, lender criteria, renewal timing, and availability. Request a personalized renewal comparison.

Frequently Asked Questions

Start before your renewal date so there is enough time to review your current lender's offer, gather documents, and compare personalized alternatives. Available timing and terms vary by lender and application.

You may be able to switch lenders at renewal, subject to qualification and the new lender's criteria. Ask for a complete cost comparison because discharge, legal, appraisal, or transfer costs and other conditions can apply.

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.

Mortgage Renewal