Never just sign your mortgage renewal letter
That renewal letter from your lender is an opening offer - not a final price. I'm Tim L. Walker, a licensed mortgage broker in Barrie, and I help homeowners across Simcoe County compare the whole market before they commit to another term.
Licensed in Ontario: Tim L. Walker, Mortgage Broker Licence #M11000308 Anthem Mortgage Group, FSCO Brokerage Licence #10294 · Based at 387 Mapleview Drive West, Barrie
The short answer
Your mortgage renewal letter is an opening offer, not a final price. Most lenders let you start the renewal conversation about 120 days before your term ends - and switching lenders at maturity usually means no penalty from your old lender. Renewing with your current lender typically requires no re-qualification; moving to a new lender means the new lender assesses your application, and eligible straight switches can be exempt from the prescribed stress test. We compare the whole market and negotiate on your behalf - free.
Who this is for
- Your mortgage term ends in the next four to six months and the renewal letter just arrived (or is about to).
- You signed your last renewal without comparing, and you don't want to do that again.
- Your life has changed since you last renewed - income, family, plans - and the old structure may not fit.
- You're wondering whether to renew, switch lenders, or refinance - and which actually serves you best.
How a proper renewal works
Four steps. The whole thing usually takes a few conversations - most of it by phone and secure document upload.
Start early - about 120 days out
We review your current mortgage - rate, balance, amortization - and what's changed in your life since you last signed. This is when you have the most leverage.
We shop the market
Your lender's offer goes head-to-head with banks, mortgage finance companies, credit unions, and alternative lenders. We compare the all-in picture: rate, terms, and any costs of moving.
We negotiate
Lenders compete for renewals. A competing offer is leverage, and we use it - often with your current lender too, if staying put turns out to be the best option.
You choose
Renew with your lender, switch to a new one, or refinance if you want bigger changes. You pick the option that fits; we handle the paperwork through to funding.
Switching lenders vs. renewing
Renewing means staying with your current lender and signing a new term - simplest path, and usually no re-qualification when the amount isn't changing. Switching means moving your mortgage to a new lender at maturity. Your old lender generally can't charge a penalty for leaving at maturity (though a small discharge or administration fee may apply), and many new lenders cover the transfer and legal costs to win your business.
The trade-off with switching: a new lender treats you as a new borrower, so income verification and a credit check apply, and whether the prescribed stress test applies depends on whether the transfer qualifies as a straight switch. That's not a reason to stay put - it's just something we plan for. We run the qualification in advance so there are no surprises. Our stress test guide explains what that involves.
What you can change at renewal
Renewal is the natural moment to adjust the mortgage without it becoming a bigger project. You can typically change your rate, your term length, fixed versus variable, and your payment frequency. Your prepayment privileges reset with the new term, too.
One thing you can't change at renewal is your amortization. Shortening it to pay the home off faster, or lengthening it to lower the payment, counts as a refinance - not a renewal. The same goes for borrowing additional funds, accessing equity, or consolidating debt. Our renewal vs. refinance guide walks through which one fits your situation.
A note on negotiating
Your lender's first renewal offer is rarely their best one - lenders expect some borrowers to negotiate and price accordingly. Walking in with competing quotes changes the conversation entirely, and this is something we do routinely. Even a modest difference, compounded over a five-year term, is worth an hour of your time. The consultation costs you nothing; signing blindly can cost plenty.
Renewals in Barrie and Simcoe County
We handle renewals for homeowners across Simcoe County - Barrie, Orillia, Innisfil, and everywhere in between. Most of it happens by call, text, email, and secure document upload, so you don't need to take time off work or sit in a bank branch. If your maturity date is within the next four to six months, now is the time to start the conversation - not the week the letter arrives.
A quick note from me: I'll be blunt - the renewal letter is the one piece of mail in this business I wish people wouldn't open and sign on the spot. Lenders count on inertia; it's built into the business model. A twenty-minute call with me before you sign is free, and it's the easiest money you'll ever not spend.
Frequently asked questions
Should I just sign and return my mortgage renewal offer?
Not before comparing. Your renewal letter is your lender's opening offer, and it is rarely their best one. You usually have about 120 days before maturity to shop the market, then arrange any switch to take effect at maturity, avoiding a prepayment penalty. There is no reason to accept the first number you are given. Send it to us first - we will tell you honestly whether it is competitive.
When should I start shopping for my renewal?
About 120 days before your maturity date is the sweet spot - that is when most lenders will hold a quote and arrange a switch to take effect at maturity. A rate hold does not make an early payout penalty-free. Starting earlier gives you room to compare and negotiate without time pressure; starting later limits your options. If your renewal is less than four months away, call us now.
Does it cost anything to switch lenders at renewal?
Your old lender generally cannot charge you a penalty for leaving at maturity, though there may be a small discharge or administration fee. Your new lender will have setup costs too, but many lenders cover transfer and legal costs to win your business. We will compare the all-in cost, not just the rate, so you can see the true difference.
Will I have to pass the stress test if I switch lenders?
Not always. A new lender treats you as a new borrower: income verification and a credit check apply. Eligible straight switches - uninsured, same balance, no new borrowing, no amortization extension - can be exempt from OSFI's prescribed qualifying rate. Renewing with your current lender for the same amount usually requires none of that. It is not a reason to avoid switching - we run the qualification in advance so you know exactly where you stand.
Can I change my payment schedule at renewal?
Yes - changing payment frequency or switching between fixed and variable are standard renewal adjustments, along with rate and term. You may be able to increase payments or use prepayment privileges to pay the mortgage off sooner without refinancing. Extending the contractual amortization or borrowing additional funds may require refinancing and fresh qualification, depending on the lender and the transaction.
What is the difference between renewing and refinancing?
Renewing means signing a new term on your existing mortgage balance - same loan, new rate and term. Refinancing means replacing your mortgage entirely, which lets you change the amount you borrow, access equity, or consolidate debt, but it comes with legal costs and possible penalties. Our guide to renewal vs. refinance walks through which fits your situation.
I already signed my renewal. Is it too late?
In most cases, once you have signed and the renewal is processed, you are committed for the new term. But it is still worth a conversation: if your situation has changed, refinancing mid-term might make sense, and we can at least put a plan in place so your next renewal is shopped properly. Do not sign the next one without calling us first.
Can I renew early if I think rates are about to move?
Some lenders offer early renewal options - sometimes blending your current rate with a new one - but there is usually a trade-off, and it is not always the win it looks like. If you are considering it, talk to us before you sign: we will compare the early-renewal offer against waiting and switching at maturity so you can see the real cost.
What our clients say
- Jennifer P, via GoogleTim has been our mortgage specialist since 2015. He is knowledgeable, very approachable and responds within minutes to our questions or concerns. He has guided my husband and I through renewals and has always put our worries at ease. I would recommend his services to any of my family or friends. I would not look elsewhere!
- John K, via GoogleIt was a pleasure working with Tim on our mortgage renewal. He was very helpful and knowledgeable in dealing with the market and changes in the mortgage rules. He did an outstanding deal for us and secured us a great rate. He was always available for any questions or help we needed through the process. I can highly recommend Tim and Anthem Mortgage Group for your mortgage needs and finances.
Talk to a Barrie mortgage broker today
Free, no-pressure consultation. We'll look at your situation and lay out your real options.