Renewal letter reader
Is my mortgage renewal offer any good?
Paste your renewal letter and every option in it is graded against the lowest rate another lender publishes today for the same term and insurance class. You'll see what staying costs compared with switching, and get a counter-offer email to send. Nothing you paste leaves your browser.
The sample is made up for illustration. It isn't any lender's letter.
What the reader found
Paste a letter, or try the sample, to fill this in.
Many lenders cover some or all of these for a switch. Ask, then enter what's left.
Add an option by hand
Switching at renewal
What changed in 2024
Uninsured straight switches no longer face the stress test. On November 21, 2024, OSFI said it no longer prescribes the minimum qualifying rate for an uninsured mortgage moved from one federally regulated lender to another at renewal, with no increase to the loan amount or the remaining amortization.
Low-ratio insured switches followed. From December 16, 2024, federal mortgage insurance rules dropped the minimum qualifying rate for low-ratio (up to 80% loan-to-value) switches at renewal that keep the existing amortization schedule; the balance can rise by up to $3,000 to cover switching costs.
The new lender still checks your income, credit and the property. Read switching lenders at renewal for the steps.
Questions people ask
Is my renewal letter sent anywhere?
No. The letter is read by code running in your browser. Nothing you paste is uploaded or stored. Remove account numbers before pasting if you like; the reader doesn't need them.
Do I have to pass the stress test to switch lenders at renewal?
Not for an uninsured straight switch between federally regulated lenders: since November 21, 2024, OSFI doesn't expect the minimum qualifying rate to be applied if the balance and remaining amortization don't increase. Federal mortgage insurance rules removed it for low-ratio switches from December 16, 2024. The new lender still underwrites the mortgage.
What does switching cost?
FCAC lists the costs to ask about: discharge, registration, transfer or assignment fees, an appraisal and administration fees. Many lenders cover some or all of them to win a switch. Enter your own figure in the switching-costs box.
What if my letter quotes a variable rate as prime minus something?
The reader converts it using big-bank prime and shows the spread, so you can compare it with other variable rates.