Your Mortgage Renewal Could Save You Thousands.
Don’t just sign your lender’s mortgage renewal offer, let us shop around for a better deal.
Mortgage Renewal
Most homeowners renew too fast, and pay more than they need to.
Easy House Loan is your trusted partner in navigating the pressure of mortgage renewal. Worried about the financial stress and feeling confused? If any of the below sounds familiar, we’re here to help.
Higher Renewal Rates
Your lender’s first offer may not reflect today’s most competitive rates.
Loyalty Tax
Staying with your current bank could cost you thousands over your new term.
Limited Time Offer
Renewal letters often come with short deadlines and pressure to sign quickly.
Life Has Changed
Income, debts, or goals might look different now. It’s time for a new mortgage strategy.
Renewing with confidence is easy with Easy House Loan.
How We Help
Trusted by Homeowners Across the GTA
Easy House Loan will guide you through each step of your mortgage renewal so you feel confident you’re getting the best rate!
Quick Mortgage Renewal Calculation
Use our mortgage renewal savings calculator
Assumes standard Canadian fixed-rate mortgage math. Bi-weekly payments are approximated as half of monthly.
*Typical mortgage renewal windows in the GTA: 120–90 days before maturity
Mortgage Renewal Savings Calculator
Don’t miss your chance to save.
How Does Mortgage Renewal Work?
When your mortgage term is about to expire, your lender will offer you a renewal agreement. This new agreement outlines updated terms based on current market conditions and your financial profile. At renewal, you have a few options:
- Accept your lender’s offer
- Negotiate better terms
- Switch to a different mortgage structure
- Move your mortgage to another lender (without having to re-qualify unless you increase the amount)
When should you renew your mortgage?
Common mistakes to avoid at renewal time
Automatically accepting your lender’s first offer
Waiting until the last minute to review options
Ignoring market trends that affect rate
Not aligning terms with long-term goals
Mortgage Renewal Case Study
My clients bought their condo in downtown Toronto, in November 2021, when rates were still very low. They had an insurable first mortgage with First National.
They qualified for considerably more than they spent, are conservative people and they chose to stay in a lower price range on purpose.
We contacted them 90 days before maturity to review their options: stay with First National, or shop the market.
A stronger income and a longer credit history opened doors to lenders who would not have been competitive for these clients on day one.
The five-year variable produced the biggest number on paper, but we recommended the five-year fixed anyway.
Two reasons: The geopolitical picture and everything that comes with it makes the next few years difficult to call with any confidence. At this point, I do not expect rates to fall dramatically in the near term, which is the only scenario where a variable would meaningfully outperform.
| Term | First National | Scotiabank | Saving over the term |
|---|---|---|---|
| 3-year fixed | 4.64% | 4.34% | $2,556 |
| 5-year fixed | 4.94% | 4.54% | $5,820 |
| 5-year variable | Prime minus 0.16% | Prime minus 0.60% | $6,180 |