Mortgage Renewal · Alberta
Mortgage Renewal in Alberta — Don't Sign the First Offer You Get
Your bank will send you a renewal offer 3–4 months before your term ends. Most people sign it. That's a mistake. Deane has access to 50+ lenders competing for your business.
What's Happening Right Now
Thousands of Albertans are renewing mortgages taken out in 2021 and 2022 — when rates were at historic lows. Today's renewal rates are dramatically different. Shopping your renewal has never been more important than it is right now. Searches for mortgage renewal help are up over 900% year-over-year.
A 0.25% difference on a $500,000 mortgage over a 5-year term =
~$6,500 in interest savings
Shopping your renewal costs you nothing.
How the Renewal Process Works
From the renewal letter to a better rate — here's what the process looks like with Maple Key.
Lender sends renewal offer (3–4 months out)
Your bank sends a renewal offer. This is their opening position — not their best rate, and not the only option available to you.
You have the right to shop it
At renewal, your term has ended. You can switch lenders penalty-free. The new lender often covers transfer costs.
Deane collects your information (15 minutes)
Quick call or form. Current mortgage details, timeline, goals. Deane handles everything from here.
Deane shops 50+ lenders simultaneously
One application. Multiple lenders. Banks, credit unions, monolines — all competing for your mortgage.
You compare options side-by-side
Clear comparison of rates, terms, and conditions. Deane's honest recommendation for your situation.
Choose your rate and term
Fixed, variable, or hybrid. 1-year, 3-year, or 5-year. You decide with full information.
Deane handles all the paperwork
If switching lenders, Deane coordinates with your lawyer and the new lender. Seamless.
Should You Switch Lenders at Renewal?
Unlike breaking your mortgage mid-term, switching at renewal is penalty-free — and often the best financial move you can make.
Reasons to switch
- Lower rate available elsewhere
- Better prepayment privileges
- More flexible terms (portability, convertibility)
- Poor service from current lender
- Your needs have changed
What to look beyond just the rate
- Prepayment privileges (lump sum and increase options)
- Portability (can you take it with you if you move?)
- Penalty calculation method (IRD vs 3 months interest)
- Lender restrictions on rental/investment use
The honest answer from Deane:
Sometimes staying with your current lender is the right call — especially if they match the market and you value the simplicity. A broker gives you that comparison honestly, not with a push to switch for the sake of it.
Fixed or Variable Rate at Renewal — What Makes Sense in 2026?
The right answer depends on your situation — not a blanket recommendation.
Fixed Rate
Certainty- Predictable payments for the full term
- Protection if rates rise
- Slight premium for certainty
- Higher IRD penalties if you break early
Variable Rate
Flexibility- Moves with Bank of Canada rate
- Historically lower over time
- Penalty is always 3 months interest
- Best if rates are expected to fall
Get Your Best Renewal Rate
Deane shops 50+ lenders so you don't have to. Free, no obligation.
Frequently Asked Questions
Your Mortgage Renewal Is Too Important to Auto-Sign
Deane shops 50+ lenders for free. Takes 15 minutes. Could save you thousands.