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Get a better rate at mortgage renewal
Renewal is when you can switch lenders without a penalty. We compare over 50 lenders so you don't just sign what you are sent.
Have your renewal letter? Send it for a free review
- 5-yr fixed
- 4.89%
- 5-yr variable
- 3.70%
Updated Oct 26 · on approved credit · Compare to bank rates
Don't just sign the renewal letter
When your mortgage term ends, you can renew with your current lender, switch to a new lender or pay the mortgage down, all without a prepayment penalty. Your lender has to send you a renewal statement at least 21 days before your term ends, but its first offer is often not its most competitive rate.
We start comparing about four months before your maturity date. If another lender offers a better rate or better terms, we handle the switch, including the paperwork and the payout from your current lender. Since November 2024, federally regulated lenders no longer have to apply the federal stress test to an uninsured straight switch, and insured mortgages that switch at renewal are also exempt, which makes moving easier for many borrowers.
Is your renewal deciding for you?
The scenes and numbers in this video are illustrations, not a rate offer.
Today's 5-year fixed from 4.89% and variable from 3.70% (updated Oct 26, 2026).
Rates as of Oct 26, 2026. The low end can be a promotional or discretionary rate that not everyone qualifies for. Rates can change daily, and your rate depends on the lender approving your full application, so these are estimates, not a rate commitment.
Free renewal review
Got your renewal letter? Don't sign it yet.
Send it to us first. We'll show you how your lender's offer compares, and what you could save by switching or by having us negotiate.
- 1
Send your letter or statement
A photo or PDF is fine. Tell us your lender and, if you know it, your renewal date.
- 2
We compare over 50 lenders
Usually within one business day, against what your lender is offering you.
- 3
See it in your client portal
Your renewal date, today's rates and what each option means for your payment.
Your options at renewal
Renew
Stay with your current lender, once we've compared its offer with the market.
Switch
Move your mortgage to a new lender for a better rate or terms. A straight switch keeps the same balance and amortization.
Refinance at renewal
Add money for renovations or debt consolidation, or change the amortization. You will need to requalify, but there is no prepayment penalty at maturity.
How it works
How a renewal with us works
Four months out
Send us your renewal date and mortgage details. We compare offers and can secure a rate hold.
Compare
We line up your lender's renewal offer against what other lenders will give you, including prepayment privileges and penalties.
Decide
Renew, switch or refinance. If you switch, we gather your documents and the new lender handles the transfer.
Done
Your new term starts on your maturity date, with no gap and no penalty.
Frequently asked questions
You have questions — we have answers!
Mortgage Renewal
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 you can secure a rate and still take a lower one if rates fall. Starting early also leaves time for us to do the negotiating or to switch you, since a new lender needs a few weeks to approve your file and arrange the payout. We remind our clients about four months before their renewal date.
Do I have to pass the stress test to switch lenders?
Federally regulated lenders no longer have to apply the federal stress test when you switch an uninsured mortgage to them at renewal, as long as you don't add money or extend the amortization. Insured mortgages that switch at renewal are also exempt. Each lender still reviews your application and sets its own approval rules.
What does it cost to switch lenders at renewal?
Usually little or nothing. Many lenders cover the legal and appraisal costs of a straight switch, and your current lender may charge a small discharge fee. There is no prepayment penalty at maturity, but switching before your term ends usually means one, so we time the switch for your maturity date. For a straight switch our service is usually free to you, because the new lender pays us.
What happens if I just sign my renewal letter?
You renew with your current lender at the rate in the letter, which is often its standard renewal offer rather than the most competitive one available. Before you sign, send it to us. We compare it with what other lenders will give you, including prepayment privileges and penalties, and do the negotiating for you. If you miss the deadline altogether, some lenders move you into a short open term at a higher rate until you choose.
Can I renew early?
Often, yes. Many lenders let you renew with them a few months before your maturity date without a penalty, and some offer an earlier renewal through a blend-and-extend. Switching to a new lender before maturity normally means a penalty, so a new lender usually times the switch for your maturity date and holds a rate for up to about 120 days in the meantime. We check your contract's early renewal terms first.
Today's rates
Our rates vs the banks'
We shop 50+ lenders, so the rate you're offered isn't limited to one bank's rate sheet. Updated Oct 26.
Apply for your mortgage in minutes
Everyone's rate is different. What's yours?
Our job is to find you a competitive rate and terms that fit. Your rate qualification depends on certain factors, such as credit score and home equity, as per Canadian regulations. Get your details fast — there's no cost and no obligation.
- Current variable mortgage rate
- 3.70%
- Current prime rate
- 4.45%
| Term | Bank posted | Our rates | Action |
|---|---|---|---|
| 6 Months | 5.54% | 5.09% | Get this rate: 6 Months |
| 1 year fixed | 5.49% | 4.79% | Get this rate: 1 year fixed |
| 2 year fixed | 5.39% | 4.59% | Get this rate: 2 year fixed |
| 3 year fixed | 6.05% | 4.69% | Get this rate: 3 year fixed |
| 4 year fixed | 5.99% | 4.84% | Get this rate: 4 year fixed |
| 5 year fixed | 6.19% | 4.89% | Get this rate: 5 year fixed |
| 7 year fixed | 6.40% | 5.09% | Get this rate: 7 year fixed |
| 10 year fixed | 6.80% | 5.09% | Get this rate: 10 year fixed |
| 5 year variable | No bank rate | 3.70% | Get this rate: 5 year variable |
Bank posted rates are the big banks' posted rates published by the Bank of Canada (1, 3 and 5 years) and by Dominion Lending Centres (other terms). Some conditions may apply. Rates may vary from province to province. Rates subject to change without notice. Rates change often and depend on your down payment, credit and property; on approved credit (O.A.C.). E.&O.E.
Free renewal reminder
Renewing in the next year?
Tell us your renewal date and we'll remind you about four months ahead, when it's time to compare offers.
Life gets busy: schedule a reminder when it's time to renew. Whether you're travelling the world, finding a new calling or running to grab a quick bite, let us give you a helping hand by sending a friendly reminder when your renewal period is coming up.
Already have your renewal letter? Send it for a free review
Contact us
Have a question about your mortgage?
Contact info
Call, email or send us a message. We negotiate with over 50 lenders to find the right mortgage for you.
- Our location525 W 8th Ave #800, Vancouver, BC V5Z 1C6
- Phone number778-838-8005
- Email addressinfo@coastalblue.ca