Switching Lenders at Renewal: True Costs (Legal, Discharge, Appraisal)
What switching lenders at maturity really costs in 2026 — legal, discharge, appraisal — and why it's still usually cheaper than auto-renewing.
Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated September 15, 2026
Renewal coming up?
At maturity, switching lenders carries no penalty. The real costs are small and often covered by the incoming lender.
Typical switch costs
- Legal: $800–$1,200 (often rebated by the new lender).
- Discharge: $200–$400 to the outgoing lender.
- Appraisal: $0–$500 (many switches waive it).
- Registration: provincial mortgage registration fees.
When switching wins
Whenever the rate gap covers ~$1,000 in costs within the first year — which most competitive 2026 gaps do on average balances.
Run your numbers in Break-Even Switch Calculator.
Watch the fine print differences between lenders in Collateral vs Standard Charge Mortgage.
Full hub: Best Mortgage Renewal Rates.
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Renewal coming up?
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