Mortgage Renewal

Your mortgage is coming up for renewal — and your bank is counting on you to simply sign their renewal offer. But you could be leaving thousands of dollars on the table. We compare 30+ lenders to ensure you get the best rate and terms available.

– WHY COMPARE

Your Bank’s Renewal Offer Isn’t Their Best Rate

Banks Don't Compete for You

Your bank already has your business. They have no incentive to offer their best rate upfront. We create competition among 30+ lenders so you get the lowest rate available.

Switching Is Easier Than You Think

At renewal, you can switch lenders without penalty. If you have a standard mortgage, most lenders cover the legal and appraisal costs to bring you over — making the switch completely free.

Small Differences Add Up

A 0.25% rate difference on a $400,000 mortgage saves you over $5,000 over a 5-year term. On larger mortgages, the savings are even more significant.

 

– WHEN TO START

Renewal Timeline

✅ 4-6 months before: Contact us to start comparing rates and planning your renewal strategy.

✅ 90 days before: Receive your bank’s renewal offer. Don’t sign it yet — let us compare.

✅ 60 days before: Lock in your best rate and begin any paperwork if switching lenders.

✅ 30 days before: Finalize details. Your new lender handles the transfer.

✅ Renewal date: Your new rate takes effect seamlessly.

⭐⭐⭐⭐⭐

 

GOOGLE REVIEW

To say Andy cares about his clients is an understatement. I’ve witnessed multiple situations where Andy has gone above and beyond to ensure the outcomes his clients desire are achieved. He is a wealth of knowledge and his professionalism is second to none. 

KaraLee F.

Google Review

– THE REAL DIFFERENCE

Your Bank’s Renewal Offer vs. What We Can Find

Banks count on you simply signing the renewal letter. Here’s what happens when you don’t:

Your Bank’s Offer Through Elevation
Rate Shopping 1 lender (them) 30+ lenders compared
Rate Offered Posted rate (rarely their best) Best available rate
Negotiation You vs. the bank We negotiate for you
Switching Cost N/A Often $0 (new lender pays)
Time Required 5 minutes to sign 30-minute call + we handle the rest
Typical Savings $0 $5,000 – $15,000+ over 5 years

💡 REAL CLIENT EXAMPLE

A Calgary client came to us with a $450,000 mortgage renewal. Their bank offered 5.84%. We found them 5.19% — a 0.65% difference. Over the 5-year term, that’s $14,625 in savings. The entire process took less than 2 hours of their time.

– YOUR TIMELINE

When to Start Your Renewal Process

4 - 6 Months

Optimal Start Time

Starting early gives you maximum time to shop rates and plan your renewal strategy.

90 Days

Good — Still Plenty of Time

We can compare options from 30+ lenders and get you the best deal without rushing.

30 Days

Tight – But We Can Help

We can still shop your renewal, but options narrow. You may miss out on the best rates. Don’t wait longer.

0 Days

Maturity Date – Act Now

If you don’t sign, most lenders convert you to an expensive open variable rate. Contact us immediately — we can still help, but don’t delay another day.

– COMMON QUESTIONS

Mortgage Renewal FAQ

Know your options before signing your bank’s renewal offer.

Should I just sign my bank's renewal offer?
Usually, no. Banks count on homeowners simply signing and returning renewal offers without shopping around. Their initial offer is rarely their best rate. By having us compare options across 30+ lenders, we can often save you thousands over your term — even staying with your current lender but negotiating a better rate.
When should I start thinking about my mortgage renewal?
We recommend reaching out 4-6 months before your renewal date. This gives us time to shop rates from 30+ lenders and secure the best option. There’s no advantage to waiting until the last minute.
Can I switch lenders at renewal without penalty?
Yes! At renewal (when your term ends), you can switch to any lender without prepayment penalties. You’ll only pay transfer costs, which are often covered by the new lender. This is the one time you can “penalty-free” shop the market, so it’s worth exploring your options.
What happens if I don't renew by my maturity date?
If you don’t sign a renewal before your term ends, most lenders will automatically convert your mortgage to their open variable rate — which is typically much higher. You can still renew or switch after this, but you’ll have paid more interest in the interim. Don’t let this happen — contact us early.
Do I need to requalify at renewal?
If you stay with your current lender, you typically don’t need to requalify (no income verification, no stress test). If you switch lenders for a better rate, you will need to qualify under current rules. This is usually straightforward, but if your situation has changed significantly (job loss, higher debt), staying put might make sense.
Can I make changes to my mortgage at renewal?
Yes, renewal is an opportunity to adjust your mortgage. You can change your amortization, switch between fixed and variable rates, or add prepayment options. If you want to access equity or consolidate debt, you could refinance instead of simply renewing. We’ll discuss all options.
How much can I save by shopping my renewal?
The savings depend on your mortgage amount and the rate difference. On a $400,000 mortgage, even a 0.25% rate difference saves you about $1,000 per year or $5,000 over a 5-year term. We often find differences of 0.50% or more compared to renewal offers — that’s $10,000+ in savings.
My bank says they'll match any rate I find. Is that true?
Banks will often negotiate when they know you’re shopping around, but they rarely match the best broker rates without being pushed. Even if they match the rate, they may not match other terms like prepayment privileges or portability options. We can negotiate on your behalf to ensure you’re getting the complete package.
Can I access my home equity during renewal?
Yes — renewal is a great time to access equity without paying a penalty. If you’ve built up equity, you can increase your mortgage amount to fund renovations, consolidate debt, or access cash for other purposes. Since you’re not breaking your mortgage early, there’s no prepayment penalty. We’ll show you how much equity you can access and what it would do to your payments.
Can I switch lenders at renewal without penalty?
Yes! When your term ends, you’re free to move to any lender without paying a prepayment penalty. There may be small administrative costs (discharge fees, legal fees), but these are often covered by the new lender or offset by the savings you get from a better rate. Switching is easier than most people think — and it’s often the smartest financial decision.
🔑 MORTGAGE RENEWAL COMING UP?

 

Compare Before You Sign

Send us your renewal offer — we’ll compare it against 30+ lenders and show you if there’s a better deal available. It takes 15 minutes and could save you thousands.

Book A Call With Julie
Book A Call With Andy

Julie Jeffery  ·  julie@elevationmortgage.ca  ·  403.828.4832

AndyJeffery  ·  andy@elevationmortgage.ca  ·  403.828.8832

🏔️ Licensed in Alberta and British Columbia

 

Elevation Mortgage
INDEPENDENT MORTGAGE BROKERS · LICENSED AB & BC

Julie & Andy Jeffery — independent mortgage brokers serving Calgary, Nelson BC,
and clients across Alberta and British Columbia.

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Contact Julie

403-828-4832
julie@elevationmortgage.ca
Book with Julie

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