Mortgage renewal in Barrie
Your renewal letter is one offer. Compare before you sign.
- $0
- Penalty to switch at maturity
- 4 months
- When to start comparing
- 21 days
- Your bank's latest notice
What a better rate is worth
Your renewal letter's rate against one you could get elsewhere.
Less to pay every month at the better rate
$0.00
- Monthly payment, renewal letter
- $0
- Monthly payment, better rate
- $0
- Difference every month
- $0
- Interest saved over 5 years
- $0
When to start
- 4 months outTalk to us. Many lenders hold a rate up to 120 days.
- 21 days outThe latest your bank can send its renewal offer.
- MaturityRenew or switch, with no penalty.
Source: Financial Consumer Agency of Canada. Credit unions can differ.
Your options
Renewal is when you can change almost anything for free.
- 01
Renew, but negotiate
The first offer isn't always the best one.
- 02
Switch lenders
No penalty, and no new stress test for a straight switch.
- 03
Change your term
Fixed or variable, shorter or longer.
- 04
Restructure
Borrowing more is a refinance.
Straight-switch rule: OSFI and the Department of Finance, since November 21, 2024.
Questions about renewing
When will I get my renewal letter?
At least 21 days before your term ends, from a federally regulated lender. Many send it months earlier.
What does switching lenders cost?
Usually very little. No penalty at maturity. There can be a discharge fee and legal or appraisal costs, which some lenders cover.
Will I have to pass the stress test again?
Not for a straight switch: the same balance and remaining amortization. Borrowing more does.
Can I renew early?
Often in the last few months, without a penalty. Earlier usually costs a penalty or a blended rate.
Fixed or variable?
It depends on your plans. Fixed holds your payment for the term; variable moves with prime. We compare both on your numbers.