The Best Mortgage Rates
Save up to $11,944 over 5 years*
Compare mortgage rates from lenders across Canada
Your lender's first offer is not the best offer
A sizable minority of borrowers accept their lenders first renewal offer. That's a big mistake.
Like regular mortgages, renewal rates are negotiable. Leverage the rates you find online to convince your lender to match competing offers. If it doesn't move its pricing, and its rate is more than 0.05 to 0.10 percentage points from the best available rate for a similar or better mortgage, consider leaving.
Just make sure you're comparing apples to apples because mortgage features, the property location, etc. can affect the rate significantly. And don't forget that switching lenders takes time and (often) money. Closing costs on a switch vary from $0 (if the new lender pays all your costs) to over $1,000.
Find a mortgage broker
Engaging a mortgage broker before renewing can help you make a better decision. Mortgage brokers are an excellent source of information for deals specific to your area, contract terms, and their services require no out-of-pocket fees if you are well qualified.
Here at RATESDOTCA, we compare rates from the best Canadian mortgage brokers, major banks and dozens of smaller competitors.
*Based on the difference between estimated deep-discount 5-year fixed rates from Canada's top six banks and the lowest comparable rates on RATESDOTCA, as of January 14, 2022.