67% of Canadians renew without comparing. Checking your lender’s renewal offer against the wider market is the simplest way to see whether it is competitive.
Contact Nordaux. We can lock in a rate now that's valid until your maturity date. Your existing lender cannot charge a penalty this far out.
Your current lender may send a renewal offer. Do not sign it yet. Bring it to us — we'll compare it to what's available.
Lock in your chosen rate. If switching lenders, initiate the transfer process. Legal work begins — most switches are penalty-free.
Your new rate kicks in. If you switched lenders, they pay off your old lender. No interruption, no gap in mortgage coverage.
See how much you save by switching lenders at renewal.
| Lender | Rate | Monthly Payment* |
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* Based on $350,000 mortgage, 20-year amortization.
Source: Compiled from publicly available lender rate sheets. Updated regularly. Rates are not offers of credit — actual rates depend on individual qualifications. Verify with lenders or a licensed mortgage broker.
No — if you switch at your maturity date, there is no prepayment penalty. This is the most advantageous time to shop. The new lender pays off your old lender directly, and the process is seamless. There are legal fees (~$500–$1,000) which some lenders cover or reimburse.
Many lenders allow early renewal within 120 days of maturity without penalty, or with a reduced penalty structure. Some offer blend-and-extend options that combine your current rate with the new rate. Your broker will calculate which approach saves the most.
A blend-and-extend is an early renewal that "blends" your current rate with the lender's current rate for a new extended term — no penalty required. It's offered by many lenders within 1–2 years of maturity. It's usually less attractive than switching to a new lender at maturity but avoids the wait.
It depends on your risk tolerance and where rates are headed. With the Bank of Canada's rate at 2.25% (March 2026) and potential for further holds or cuts, variable rates are competitive. However, fixed rates offer certainty. Your Nordaux broker will model both scenarios for your specific situation.
Start 120 days early. Our brokers shop multiple lenders so you don't have to.
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