Your bank's renewal offer is rarely their best rate. We shop 50+ lenders so you can compare before you sign.
Compare your bank's renewal offer against a competitive rate.
Monthly savings by switching $0
Switching lenders at renewal is typically penalty-free.
We check 50+ lenders before your renewal date — no cost, no obligation.
Moving to a new lender at maturity comes with no prepayment penalty.
From application to discharge, we coordinate the switch for you.
When should I start shopping for renewal rates?
About 120 days before your renewal date — most lenders allow rate holds that far in advance, giving you time to compare without rushing.
Is there a penalty to switch lenders at renewal?
No — if you switch at your maturity date (not before), there's typically no prepayment penalty since your current term has ended.
What if my bank's renewal offer seems high?
This is common — renewal offers often aren't a bank's best rate, since they're counting on the convenience of you simply signing and staying put.
Do I need to requalify to switch lenders?
In most cases, switching at renewal for the same balance and amortization doesn't require a full requalification — but this can vary by lender and situation.
What documents do I need to switch?
Typically a copy of your current mortgage statement, proof of property tax payments, and basic ID — we'll confirm exactly what's needed for your file.
Can I switch from variable to fixed (or vice versa) at renewal?
Yes — renewal is one of the easiest times to change your mortgage type, since you're not breaking an existing term.
One call connects you with 50+ lenders. Free consultation, no obligation.
In Ontario, most traditional lenders require a minimum credit score of 600 for an insured mortgage. For best conventional rates, a score of 680 or higher is recommended.
If your credit score is between 500 and 600, alternative B-lenders and private mortgage lenders may still approve you — though at a higher rate. My Future Mortgage works with a wide network of alternative lenders across Ontario.
Canadian federal rules set minimum down payments at 5% for homes up to $500,000, 10% on the portion between $500,000 and $1 million, and 20% for homes over $1 million.
First-time home buyers can access the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) to boost their down payment.
Yes. While traditional A-lenders decline scores under 600, B-lenders and private mortgage lenders offer refinancing for credit-challenged borrowers. Equity is the most important factor.
My Future Mortgage specializes in connecting Ontario homeowners with the right lender for their unique credit situation.
If you switch lenders at renewal, you must re-qualify at the stress test rate (contract rate + 2% or 5.25%, whichever is higher). Staying with your current lender typically doesn't require a stress test.
My Future Mortgage pre-qualifies you with partner lenders before your renewal date so you know exactly what you qualify for.