Mortgage Renewal Calculator Ontario (2025) Compare Rates & Save
Your mortgage renewal is your single best opportunity to save thousands of dollars, but your bank is counting on you to simply sign their first offer. Before you commit to another term, our 2025 Mortgage Renewal Calculator empowers you to take control.
See a clear, side-by-side breakdown of your potential savings, helping you decide whether to stay, negotiate for a better deal, or switch lenders.
We provide a clear view of the best options available right here in, ensuring you get the absolute best deal possible for your next mortgage term.
Frequently Asked Questions (FAQ)
1. When should I start my mortgage renewal process?
The ideal time to start looking at your mortgage renewal options is 4-6 months before your maturity date. This gives us ample time to shop the market for the best rates, secure a rate hold for up to 120 days (protecting you if rates go up), and handle all the paperwork for a smooth switch if we find a better deal than your current lender is offering.
2. Should I just accept the first renewal rate my bank offers?
In most cases, you should not. The renewal offer your bank sends is often not their most competitive rate. It's an offer of convenience, and they are counting on you not to shop around.
By simply signing, you could be locking in a higher rate and overpaying by thousands of dollars over your next term. It is always wise to compare that offer using a tool like the one above.
3. How do I negotiate a better mortgage renewal rate?
Negotiation is key. You can start by showing your bank a better rate you've qualified for elsewhere. However, the most effective way is to work with a mortgage agent.
I can negotiate on your behalf, not just with your current lender but with dozens of others, including credit unions and lenders who work with brokers. We create a competitive environment to ensure you get the best possible deal.
4. Is it difficult to switch mortgage lenders at renewal in Ontario?
Switching lenders at renewal is much easier than people think and is a standard industry practice. The process is straightforward:
We find and get you approved for a better mortgage with a new lender.
The new lender provides the funds to pay off your old mortgage on the maturity date.
You start your new term with the new lender. I handle all the coordination between the lenders and lawyers to make the process seamless for you.
5. Are there fees to switch lenders when my mortgage is up for renewal?
If you switch lenders exactly at your maturity date, you do not pay a prepayment penalty or "break fee."
There will be some legal and administrative costs, similar to when you first bought your home, but often the new lender will offer a credit to help cover these costs, making the switch highly affordable.
6. What's the difference between renewing and refinancing at my term end?
A renewal means staying with your current lender and signing on for a new term, usually with the same mortgage amount.
A refinance at term end means switching to a new lender and potentially changing the terms of your mortgage, such as borrowing more money (a cash-out refinance) to pay for renovations or consolidate debt.
Our Home Equity & Refinance Calculator can help you explore this.
7. How can a mortgage broker get me a better renewal rate in the Durham Region?
Unlike your bank, which can only offer its own products, I have access to the entire mortgage market. I can compare rates from dozens of lenders to find the absolute best fit for your situation. For clients in Ontario, I can leverage my lender relationships to secure competitive rates, ensuring you don't leave any money on the table. "Book My Free Consultation"