Renewals
Mortgage renewing? Compare before you sign
Send me a photo of your renewal letter. I’ll compare it with what other lenders offer and walk you through the options on a quick video or phone call.
Pre-approval opens Pineapple’s secure online application. Approval is not guaranteed and depends on lender review.
Muttart Conservatory, Edmonton
- Video meetingsZoom, Google Meet or Teams
- Phone & textMon to Fri 9:30 to 5, other times on request
- E-signingSign from your phone or laptop
- Secure document uploadNo office visits needed
Don’t just sign the renewal letter
Your lender’s renewal offer arrives in the mail or your inbox, and signing it is the easy option. But it’s an offer, not the only one. Renewal is the one time you can usually move your mortgage to another lender without a prepayment penalty, so a quick comparison can be worth real money.
Timing: many lenders let you lock a rate up to 120 days before your maturity date. Federally regulated lenders must send your renewal statement at least 21 days before your term ends. Starting about four months out gives you room to compare.
What I compare for you
- Rates on fixed and variable terms from several lenders, not just your current one
- Prepayment privileges, portability and how penalties are calculated if you need to break the next term
- Whether a shorter or longer term suits your plans (a move, retirement, or kids starting school)
- Whether it’s a good moment to consolidate debt or adjust your amortization
Switching lenders at renewal
A “straight switch” moves the same balance and remaining amortization to a new lender. Since November 21, 2024, federally regulated lenders don’t have to apply the stress test to a straight switch of an uninsured mortgage. That makes moving easier if your income has changed. Insured mortgages have been switchable without re-qualifying for some time. Legal and discharge costs are often covered or reduced by the new lender, but that varies; I’ll confirm before you decide.
How it works online
Send me a photo of your renewal letter and your latest mortgage statement, plus your property tax notice. We go through the options on a video or phone call, and if switching makes sense you e-sign and upload the rest. No branch visit, no time off work.
Renewal checklist
Send me
- Your renewal letter or offer
- Your most recent mortgage statement
- Your latest property tax assessment
- Photo ID (if switching lenders)
- Updated income documents (if switching or refinancing)
Think about
- Any plans to move, sell or renovate in the next five years
- Whether you want payment certainty or flexibility
- Any other debts you’d like to roll in
- Your preferred payment frequency
Official sources (rules change, so check the latest):
- FCAC: renewing your mortgage (opens in a new tab)
- OSFI: minimum qualifying rate (opens in a new tab)
- FCAC: mortgage prepayment penalties (opens in a new tab)
Reviewed .
Common questions
When should I start looking at my renewal?
About four months before your maturity date. Many lenders will hold a rate for up to 120 days, so starting early gives you time without pressure.
Will I pay a penalty to switch lenders at renewal?
Generally no, if you move on your maturity date. Penalties apply when you break a term early. There may be discharge or legal costs, which the new lender sometimes covers. I’ll confirm in writing.
Do I have to pass the stress test again to switch?
Not for a straight switch at renewal. Since November 2024 federally regulated lenders don’t require it for uninsured straight switches, and insured mortgages haven’t required it for some time. Adding money or extending the amortization is treated as a refinance, which does require re-qualifying.
Is my current lender’s offer bad?
Not necessarily. Sometimes it’s competitive, sometimes it isn’t. A comparison tells you which, and if your lender’s offer is good, staying put is the easy choice.
What happens if I miss my renewal date?
Some lenders automatically renew you, possibly into a term you didn’t choose, or roll you into an open term with a higher rate. Read your renewal letter carefully, or send it to me.
Have a renewal letter?
Text a photo to 250-212-8512 or book a call, and I’ll give you an honest comparison.
Approval is not guaranteed and depends on lender review.
- John Antle, Mortgage Associate - Team Lead, Pineapple National Inc.
- Phone: 403-879-2065 · Call or text: 250-212-8512
- Email: johnantle@gopineapple.com
- Hours: Monday to Friday, 9:30 AM to 5:00 PM. Appointments outside those hours are available on request.
- 100% online: video, phone, e-signing and secure upload for Edmonton and every surrounding community. No office visit required.