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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteYou can move your mortgage to a different lender when your current term ends; you are not required to renew with the same institution. The switch can still involve discharge, legal, registration, appraisal, administration or insurance costs, and a penalty if the mortgage is paid out before term-end. Get written figures from both lenders and compare the complete cost and contract terms—not just the advertised rate—before you commit.
Renewal is a decision point, not an automatic commitment
A mortgage renewal is the end of one contractual term. At that point, you can accept a new term with the existing lender, negotiate, or apply to another lender. The prospective lender must approve your application under its own underwriting and qualification rules; a lower rate does not guarantee approval or make the move financially worthwhile.
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The Financial Consumer Agency of Canada (FCAC) says federally regulated financial institutions must provide renewal information at least 21 days before the current term ends. If the lender intends to renew the mortgage automatically, that information should appear in the renewal statement. Do not wait for that notice to start comparing: begin shopping a few months before the deadline so there is time for an application, property valuation and legal work.
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Ask the current lender for a written renewal offer and negotiate it. At the same time, obtain written offers from other lenders or a broker. Compare the same balance, term and amortization assumptions, and include every one-time charge and contract restriction.
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First separate a term-end switch from an early payout
Switching on the maturity date
If the new mortgage takes effect after the existing term expires, the usual early-break penalty should not apply. You may nevertheless face costs to discharge the old charge, register the new mortgage, obtain an appraisal or complete legal work. The new lender may agree to pay some or all of those expenses, but treat that as part of the offer only when it is stated in writing.
Leaving before the term ends
Transferring or paying out a mortgage before its maturity date can trigger a prepayment penalty. The amount depends on the mortgage contract, the remaining term and the lender’s calculation method. The FCAC explains the issue in Breaking your mortgage contract and advises borrowers to request a calculation from the financial institution.
Do not assume that an “early renewal” offer is penalty-free. Ask whether the proposal is an early payout, a transfer, or a blend-and-extend arrangement, and have the lender show every resulting charge in writing. A blend-and-extend may avoid a prepayment penalty in some lender arrangements, but it can include administration or setup fees and is not a universal entitlement. Compare its blended rate and fees with waiting for maturity and with a genuine switch.
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Potential switching costs to put in writing
Not every charge applies to every borrower. Provincial or territorial rules, the mortgage registration, the property and the lender’s contract affect the final bill. The ranges below are general FCAC guidance, not quotes for an individual file.
| Cost | When it can arise | What the published guidance says | What to ask |
|---|---|---|---|
| Mortgage discharge fee | The existing lender removes its mortgage charge from the property’s title. | Where the fee is not regulated, FCAC says it can range from no charge to $400. Federally regulated lenders must disclose the fee in the mortgage contract. The amount also depends on provincial or territorial legislation. See Discharging a mortgage. | Request the exact amount, the legal or administrative components and the date through which the quote remains valid. |
| Lawyer, notary or commissioner fees | Professional work may be required to discharge the old mortgage and register the new one. | FCAC gives a general typical range of $400 to $2,500. It is not a guaranteed schedule; obtain a local quote. | Ask whether the new lender has a standard-switch package, which services it includes and whether taxes or disbursements are extra. |
| Registration, transfer or assignment | The new mortgage must be registered, or an eligible charge may be transferred. | The amount and process vary with the registration structure and jurisdiction; no single nationwide figure is established. | Ask who pays, whether a transfer is legally available and whether a new registration is required. |
| Appraisal | The new lender may need current evidence of the property’s value. | FCAC identifies appraisal as a possible switching expense; the amount is lender- and property-specific. | Confirm whether the lender will order and pay for it, and whether an existing appraisal can be accepted. |
| Administration or setup charges | A lender or service provider may charge for processing the transfer or setting up the new account. | FCAC lists administration costs as possible expenses but does not set a universal amount. | Request an itemized estimate and written confirmation of any waiver. |
| Prepayment penalty and other early-break charges | The mortgage is transferred or paid out before the term expires. | Depending on the contract, other charges can include administration, appraisal, reinvestment and discharge fees. Cash back may also have to be repaid. | Obtain an exact payout statement, the formula used and the statement’s expiry date. Ask which prepayment privileges would reduce the amount. |
| Mortgage loan insurance | The new loan amount increases or the amortization is extended. | FCAC says a new insurance premium may be required in those circumstances. If the existing mortgage is insured, the new lender should assess whether the coverage can be recognized. | Provide the insurance certificate or details and ask whether coverage transfers, must be replaced or changes the premium. |
The published “no charge, up to $400” and “$400 to $2,500” figures are general ranges attributed to FCAC guidance accessed in 2026. They are not guarantees, and the applicable provincial or territorial rules and your contract control the actual amount.
Check how the mortgage is registered
Standard charge
A standard charge generally secures the mortgage amount stated in the registration. A term-end switch may be comparatively straightforward, but the new lender still has to complete its own approval and registration work.
Collateral charge
A collateral charge can secure more than the original mortgage advance and may also support other borrowing with the same lender. Ask the existing lender, lawyer or notary whether your mortgage is registered this way before agreeing to a switch.
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FCAC says removing a collateral charge requires every loan agreement secured by it to be repaid in full or transferred to the new lender. That can include a car loan or a line of credit. If an associated balance cannot move, you may need to repay it, which can change the cash required and the affordability of the proposed mortgage. Have the professional handling the discharge identify every debt tied to the charge and include it in the written switching plan.
Ask the existing lender for these documents and figures
- Renewal statement and deadline: Keep the offer, the proposed rate and term, and any automatic-renewal language.
- Current prepayment privileges: Record permitted lump sums, payment increases or other privileges that could reduce an early-break amount.
- Payout statement if you might leave early: It should show the principal, discharge costs, penalty and any other amount required to release the mortgage.
- Penalty calculation: Ask the lender to explain the contract formula and identify the date through which the quoted amount is valid. A calculation can change as the term and market conditions change.
- Charge details: Confirm whether the registration is standard or collateral and whether other credit products are secured by it.
- Insurance information: Obtain the insurer and certificate details if the mortgage is insured.
A verbal estimate is not enough for a close decision. Keep the written statement and check that its expiry date covers the expected transfer date.
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Ask the prospective lender or broker for a complete written offer
- Approval conditions: Request the qualification criteria, documentation requirements and any conditions that could delay or prevent funding. Approval is not automatic simply because another lender already approved the old mortgage.
- Rate, term and payment schedule: Record whether the rate is fixed or variable, the term length, payment frequency and the payment amount under the quoted balance and amortization.
- Every one-time cost: Obtain itemized legal, registration, appraisal, administration and setup charges.
- Costs the lender will cover: Have any reimbursement or “free switch” promise stated in the commitment, including limits and whether you must use a particular professional.
- Insurance treatment: Tell the lender the existing mortgage is insured and provide the certificate details. Ask whether the coverage is recognized and what happens if the loan amount or amortization changes.
- Prepayment terms: Compare lump-sum privileges, payment-increase options, portability rules if offered, and the penalty method for breaking the new term.
- Amortization: Confirm the proposed amortization rather than accepting an extension by default. Extending it can lower the payment while increasing the time interest is charged and may create a new insurance-premium issue if the loan conditions change.
Compare offers on total cost and flexibility
Use identical assumptions for each offer: the balance on the comparison date, the term, the amortization and the payment frequency. Then separate one-time switching costs from the interest and payment stream during the new term. A lower advertised rate can be outweighed by a penalty, a larger insurance premium, legal work or a contract with restrictive prepayment terms.
| Comparison axis | Questions to answer |
|---|---|
| Total switching cost | What is the sum of discharge, legal, registration, appraisal, administration, insurance and any early-break amounts after lender credits? |
| Rate and term | Are the offers being compared over the same term, and is each rate guaranteed for the period needed to close? |
| Payment and amortization | Does a different payment frequency or amortization change cash flow, total interest or insurance eligibility? |
| Prepayment flexibility | How much can you pay early, how often, and what penalty method applies if circumstances change? |
| Approval and closing risk | What conditions remain, and could valuation, income verification or debt secured by a collateral charge prevent completion? |
| Registration and secured debts | Will the transaction be a transfer or a new registration, and must other loans or lines of credit move or be repaid? |
| Insurance continuity | Can the existing certificate be recognized, or will a change in amount or amortization require a new premium? |
| Paid costs | Which expenses does the new lender cover, what are the limits, and are the promises in the signed documents? |
For a simple decision, calculate the expected interest and payment difference over the new term, subtract lender-paid credits, and add all costs you must pay. Treat any estimate as conditional until the lender and legal professional confirm the figures.
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Common mistakes and how to avoid them
Waiting for the renewal letter
The federal 21-day minimum is a disclosure deadline, not a recommended shopping schedule. Starting only after receiving the letter can leave too little time for a new approval, appraisal or registration. Begin a few months ahead and set your own deadline for obtaining competing offers.
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Assuming a renewal is penalty-free
Term-end renewal and an early-renewal or blend-and-extend proposal are different transactions. Ask the lender to identify whether the current contract is being paid out early and to provide the written calculation before signing.
Focusing on the headline rate
Compare the full cost, payment structure, amortization, privileges, penalty method and approval conditions. Include costs that appear “free” only because they are being financed or paid by the lender under conditions.
Overlooking a collateral charge
A switch can stall when a car loan or line of credit is still secured by the old charge. Confirm the registration and associated balances before the new lender’s documents are prepared.
Letting a payout quote expire
Penalty and discharge figures are tied to a date. If closing is delayed, request an updated statement rather than relying on an expired estimate.
Assuming insurance follows automatically
Give the new lender the existing insurance information and ask for a written decision. An increased loan amount or extended amortization can create a new premium even when the original mortgage was insured.
A practical decision sequence
- Mark the maturity date and the date by which the current lender requires instructions.
- Collect the current file: renewal statement, mortgage contract, insurance certificate, charge type and prepayment privileges.
- Get competing written offers with matching balance, term and amortization assumptions.
- Request an exact payout statement if the proposed transfer would occur before maturity; check the penalty formula and expiry date.
- Have the registration reviewed for a collateral charge and identify every secured loan or line of credit.
- Obtain itemized closing costs from the prospective lender and legal professional, including appraisal and registration work.
- Confirm insurance treatment and any premium caused by a higher balance or longer amortization.
- Negotiate with the current lender using the competing written offer, then compare the revised terms on total cost and flexibility.
- Proceed only after approval and documents are clear: verify who pays each cost, the effective date, the payment schedule and the new mortgage’s prepayment rules.
Keep copies of every quote, commitment and payout statement. If a provincial rule, registration issue or contract clause is unclear, ask the lawyer or notary handling the transfer to explain the obligation before you authorize the discharge.
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