Renewals and switches

Your renewal letter is just an opening offer

Banks count on you signing the renewal letter without shopping around. Mitch compares your offer against 30+ lenders and, if switching makes sense, handles the paperwork to move your mortgage.

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Start shoppingAbout 120 days out

Switch penaltyNone at maturity

Stress testNot required on straight switches

Talk it through with MitchFree, about 30 minutes

Start

How it works

What happens next.

Hover a step. Every file is different, but this is the path.

Start early

Around four months before maturity, we review your current mortgage, your renewal offer and your plans.

Compare

Mitch compares your lender's offer to other lenders and tells you plainly whether switching is worth it.

Hold a rate

If switching makes sense, we lock in a rate hold so you're protected if rates move before maturity.

Switch on maturity

The new lender and lawyer handle the transfer on your maturity date. Your payments carry on with the new lender.

Who it's for

Is this you?

Homeowners with a renewal coming up in the next six months
Anyone who got a renewal letter and isn't sure it's fair
Homeowners who want to switch fixed and variable
Anyone who wants to add funds or consolidate at renewal
Homeowners whose life has changed since they first signed

Your options

How we can structure it.

Renew with your lender

If your current lender's offer is competitive, staying can be the simplest path. We'll help you negotiate it.

Straight switch

Move the same balance and amortization to a new lender with better terms. Uninsured straight switches no longer need the stress test.

Switch with equity take-out

Move lenders and borrow extra for renovations or debt. This is a refinance, so the stress test and 80% limit apply.

Early renewal

Some lenders let you renew a few months early without a penalty. Useful if you want certainty.

Calculator

Renewal countdown

Know when to start shopping and what a lower rate is worth over your term.

Your renewal (maturity) date

Balance at renewal

Rate in your renewal letter

Rate you could switch to (example)

Years left on amortization

Term

3 years5 years

Time until renewal

Start shopping by
Payment at renewal-letter rate
Payment at the lower rate
Difference per month
Saved over the term

Estimate only, using Canadian semi-annual compounding. Example rates are for math, not an offer. Your actual rate and APR depend on your approval.

Payment

What you'll need

Government-issued photo ID
Your renewal letter or current mortgage statement
Property tax bill
Recent pay stubs and a job letter
Home insurance details

Don't have it all yet? Start anyway. We'll tell you exactly what's missing.

Worth knowing first

Switching before your maturity date can trigger a prepayment penalty. Timing matters, which is why we start early.
Adding money or extending your amortization turns a switch into a refinance, with full qualifying and possible costs.
Some lenders charge discharge or transfer fees. Many new lenders cover switch costs, but it varies, so we'll confirm it first.

FAQ

Good questions.

When should I start looking at my renewal?

About four months before your maturity date. Many lenders offer rate holds up to 120 days, so starting early gives you options.

Will I have to pass the stress test to switch?

Not for a straight switch with the same balance and amortization, insured or uninsured. If you add funds or extend the amortization, the stress test applies.

Does switching cost money?

There's no penalty at maturity. Legal and appraisal costs are often covered by the new lender, but not always. We'll confirm before you commit.

Can I negotiate with my current bank?

Yes. A competing offer from Mitch gives you a real benchmark, and sometimes your current lender will match it.