2 answers from licensed, verified mortgage brokers.
Mortgage Alliance Company of Canada Inc., The operating as Mortgage Alliance · Cheneville, Ontario
Not without comparing first. Your lender's renewal offer isn't always its best one, because many people sign without asking. Renewal is also the one time you can usually switch lenders without a penalty. Start looking about four months before your maturity date. Beyond the rate, compare the prepayment privileges, how the penalty is calculated if you break the term, and whether the mortgage is portable. A broker can shop several lenders for you, usually no cost to you.
Answered October 2026
The HomeHappy Team @ Canadian Mortgage Experts Inc. · West Kelowna, British Columbia
Rarely. Your lender's renewal letter is an opening offer, and they're betting you're too busy to shop it. Renewal is the one time you can move your mortgage with no penalty, and since late 2024 a straight switch no longer means re-qualifying at the stress test. Start about 120 days out, get the offer in writing, and have a broker compare it against the market. A small rate gap adds up to thousands over a five-year term.
Answered October 2026
✓ Answers reviewed by VerifiedAdvisors.ca. General information only, not personal financial advice. Speak with a licensed broker about your situation.