Renewals & Transfers
Your mortgage renewal is your best opportunity to save thousands — do not just sign what your bank sends you.
Most Canadians simply sign and return the renewal letter their bank sends at the end of their term — often accepting a rate that is 0.5% to 1.0% higher than what the market offers. Calgary Mortgage Shoppe shops your renewal across 40+ lenders and negotiates the best possible rate on your behalf. It costs you nothing and could save you thousands.
Frequently Asked Questions
Is there a penalty to switch lenders at renewal?
No. At your maturity date you can switch lenders without any penalty. The only time prepayment penalties apply is if you break your mortgage before the end of your term.
My bank sent me a renewal offer. Should I just sign it?
We strongly recommend you do not sign it without shopping around first. Banks routinely offer renewal rates that are 0.5% to 1.0% above what the best available rate is. Contact us before you sign u2014 it costs you nothing and could save you thousands.
How far in advance should I start the renewal process?
We recommend reaching out 90u2013120 days before your maturity date. This gives us enough time to shop the market, secure a rate hold, and arrange the paperwork for a seamless transition.
Can I increase my mortgage amount at renewal?
Not through a simple renewal. To access additional equity or increase your mortgage balance, you would need to refinance, which involves a new application and qualification process. We can help you determine whether this makes sense.
What documents do I need for a renewal?
For a straight renewal (same lender, same amount), documentation requirements are minimal u2014 often just income verification. Switching lenders typically requires recent pay stubs, a T4 or NOA, and a mortgage statement.