TL;DR
This service merges renewal, transfer, stress-test switch planning, and negotiation scripts into one execution path for the 120 days before maturity.
What this renewal service solves
Most borrowers lose leverage because they start too late. Time pressure turns avoidable fees and weak terms into “good enough” decisions.
Our renewal service aligns four things in one workflow: timeline discipline, renew-vs-switch economics, eligibility checks, and negotiation execution.
Renew vs switch decision table
| Decision dimension | Renew with current lender | Switch lender at maturity |
|---|---|---|
| Speed | Often faster if documents are minimal | Can take longer due to underwriting and legal steps |
| Pricing and terms | Can improve if negotiated early | May unlock better rate or feature fit |
| Execution friction | Lower process complexity in many files | Requires clean timelines, docs, and lender coordination |
| Qualification exposure | Can be simpler if staying put | Depends on lender rules and straight-switch fit |
| Best fit | Borrowers prioritizing low process risk | Borrowers who can capture net gain after all costs |
120-day renewal execution plan
- Day 120-90: collect current contract details and build renew-vs-switch baseline math.
- Day 90-75: validate straight-switch eligibility and documentation quality.
- Day 75-60: collect competitive offers and open negotiations with your current lender.
- Day 60-45: compare final terms including transfer friction and fallback path.
- Day 45-30: lock the winning path and complete legal/funding timeline controls.
Negotiation scripts that actually get usable answers
Script 1 (email)
“My term matures on [date]. Please provide your best offer for [term], including rate, prepayment privileges, portability terms, penalty formula, and all fees in writing.”
Script 2 (phone)
“I have a competing offer with stronger terms. If we continue together, I need your best revised offer today with written confirmation of flexibility clauses.”
Script 3 (final check)
“Before I sign, confirm auto-renew language, penalty method, prepayment limits, and any costs that apply if I switch or break later.”
Common cost traps to model up front
- Legal, appraisal, discharge, registration, and collateral-charge friction on switches.
- Penalty formula differences and feature tradeoffs that affect future flexibility.
- Deadline compression that reduces your ability to negotiate or switch cleanly.
Psychology traps that cause expensive renewals
| Mental model | Common trap | Pragmatic correction |
|---|---|---|
| Status-quo bias | Accepting default renewal package for convenience | Require one side-by-side renew-vs-switch scorecard before signing |
| Anchoring | Fixating on posted rate and ignoring fee stack | Compare all-in 24 and 60 month outcome only |
| Present bias | Overvaluing speed and underweighting long-term flexibility | Include break/penalty and prepayment scenarios before commitment |
| Regret aversion | Delaying decision until options narrow | Start 90 to 120 days out with explicit decision thresholds |
Sources
- FCAC: Renewing your mortgage
- FCAC: Breaking your mortgage contract
- FCAC: Mortgages know your rights
- OSFI: Minimum qualifying rate for uninsured mortgages
- OSFI: Straight-switch exemption from prescribed MQR
- Finance Canada: mortgage reforms in force (2024-12-15)
- Bank of Canada: policy rate and announcements
Best next step
- Run renewal compare with one fallback lender scenario.
- Estimate penalty exposure before accepting default terms.
- Compare renewal rates with written feature checks, not rate alone.
- Start your renewal plan while you still have negotiating leverage.
