Should I Switch Lenders at My Mortgage Renewal?
Answer 5 quick questions. Get a clear recommendation: Strong Switch Case, Consider Switching, Negotiate With Current Lender, or Stay and Re-evaluate Later. No signup required.
Is your current mortgage with a Big 6 bank, monoline, credit union, or B-lender?
How This Quiz Works
The quiz scores your answers across five factors that jointly determine whether switching at renewal makes financial sense: your current lender type (Big 6 banks tend to post higher rates), your credit band (below 600 limits A-lender options), the size of the rate gap between your current rate and the best available, how much time you have before maturity (rate holds run 120 days), and your province (primarily for regulatory context).
This is educational — not a credit check, not a mortgage approval, and not personalized advice. For a real recommendation on your specific file, talk to a licensed mortgage broker.
The 4 Possible Outcomes
Strong Switch Case
Good profile, meaningful rate gap, right timing — switching should clearly pay off.
Consider Switching
Savings exist but aren't huge. Run the math carefully; make sure switching costs are covered.
Negotiate With Current Lender
Switching costs likely exceed savings — but you can still get a better rate by negotiating.
Stay + Re-evaluate Later
No immediate win. Take a short term and re-shop in 1–2 years.
Related Guides
Switch vs. Stay Calculator
Compare staying with your lender vs. switching, net of fees.
Break-Even Switch Calculator
How many months until switching lenders pays for itself.
Switching Lenders at Renewal
How to change lenders at renewal — no stress test on straight switches.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Renewal Negotiation Scripts
Word-for-word scripts for negotiating a better renewal rate.
Using a Broker at Renewal
How a broker shops 30+ lenders at no cost to you.