Your bank is betting you'll sign without shopping. That letter is their opening offer — not their best rate. A broker shops 50+ lenders in 48 hours. Free. No stress test when you switch.
What should Calgary homeowners do when their mortgage comes up for renewal? Don't sign the first offer. Your bank's renewal letter is their opening position — almost never their best rate. A Calgary mortgage broker shops 50+ lenders simultaneously, presents competing options within 48 hours, and costs you nothing. At renewal, there is no penalty to switch lenders and — since 2023 — no stress test required.
When your renewal letter arrives, your bank is counting on one thing: that you'll sign it and send it back without shopping around. Most people do. And it's the most expensive 10 minutes of their homeownership.
Your bank's renewal offer is almost never their best rate. It's a posted rate — their opening position in a negotiation most homeowners don't know they're allowed to have. Brokers routinely beat it in 48 hours, for free.
Based on typical rate differences between a bank's initial renewal offer and the best available broker-shopped rate:
Concrete Example — $400,000 Mortgage, 0.5% Rate Improvement
Over a 5-year term:
$7,200 saved · $120/month freed
| Mortgage Balance | Monthly Saving (0.5%) | 5-Year Term Saving |
|---|---|---|
| $300,000 | ~$75/month | ~$4,500 |
| $400,000 | ~$100/month | ~$6,000 |
| $500,000 | ~$125/month | ~$7,500 |
| $600,000 | ~$150/month | ~$9,000 |
Mortgage renewal is the process of renegotiating your mortgage when your current term ends — called your maturity date. At renewal, you choose a new interest rate (fixed or variable), a new term length (typically 1–5 years), and optionally a new lender. The mortgage amount and remaining amortization carry forward unchanged. You are not getting a new mortgage — you're resetting the rate and term on your existing one.
These two are constantly confused. Here's the distinction that matters:
Same mortgage, new rate, new term.
Best when: stable situation, just want a better rate
New mortgage — different amount, different terms.
Best when: need equity, consolidating debt, major life change
At renewal, refinancing can be done penalty-free. If you want to access equity or restructure your mortgage, renewal time is the best moment — no mid-term penalty. A broker assesses both paths simultaneously.
As of 2023, you do not need to pass the mortgage stress test when switching lenders at renewal, as long as your mortgage amount and amortization stay the same. This removed the last friction point banks relied on to keep you from shopping around.
A rate hold locks in a specific interest rate for up to 120 days from the date it's issued.
How it works: A broker secures a rate hold today. If rates rise before your renewal date, you keep the lower rate. If rates drop, your broker shops again for a better rate. A rate hold is free and provides upside protection with zero downside risk.
A few credit unions and lenders allow 6-month early renewal. Ask your broker if this applies to your situation.
Most major banks and monoline lenders. This is when your broker should be shopping actively. Lock in a rate hold before rates move.
Still penalty-free to switch. Rate holds still available. Less runway to compare options carefully.
If no action is taken, your mortgage auto-renews at whatever rate your bank offered. This is exactly what your bank is counting on.
A free 48-hour review shows you exactly what you qualify for across 50+ lenders.
The entire process takes 48 hours and costs you nothing. Here's exactly what happens.
Share your current mortgage details — balance, rate, lender, and maturity date. Takes 5 minutes. No obligation at any point.
Your broker checks your current mortgage terms against 50+ lenders simultaneously — banks, credit unions, and monoline lenders that often have lower rates than banks due to lower overhead.
You see the best available rates across multiple lenders — fixed vs variable, 3-year vs 5-year. Real numbers. No pressure. You decide what's right for your situation.
Once you choose a direction, your broker secures a rate hold. If rates rise before your renewal date, you're protected. If rates fall, the broker shops again.
Your broker coordinates everything between you, the new lender, and your lawyer if applicable. The lender pays the broker a finder's fee. You pay nothing.
A direct comparison — no editorializing.
| Factor | Sign With Your Bank | Switch via Broker |
|---|---|---|
| Lenders compared | 1 | 50+ |
| Stress test required | No (staying) | No (since 2023) |
| Penalty to switch | N/A | None — term ended |
| Broker fee | N/A | $0 (paid by lender) |
| Legal/transfer costs | N/A | Typically covered by new lender |
| Rate competitiveness | Posted rate (rarely best) | Best available across market |
| Who works for you | The bank | You |
| Time required | Sign and return | 48 hours for competing options |
| Rate hold available | Sometimes | Yes — up to 120 days |
When staying with your bank actually makes sense: If your bank proactively matches the best available market rate without negotiation, staying avoids the transfer process. This rarely happens without a competing offer in hand — but it does occasionally. A broker's comparison gives you the leverage to find out.
Rates have come down from 2023 peaks. Here's how to think through your options.
It depends on your risk tolerance, cash flow, and timeline. A broker runs all three scenarios with your real numbers side-by-side. That's the only way to make this decision correctly.
These are the patterns a broker sees constantly — and every one of them costs money.
Run the numbers with our mortgage renewal calculator — break-even in seconds.
Direct answers — no corporate language, no contact form required.
Start at least 120 days (4 months) before your mortgage maturity date. Most major lenders allow early renewal at the 120-day mark with no penalty. Some credit unions allow up to 180 days. Starting early gives you time to compare lenders, lock in a rate hold, and avoid rushed decisions.
Don't wait for the renewal letter to arrive — by then you may only have weeks, not months, to make your decision.
No. As of 2023, you do not need to pass the mortgage stress test when switching lenders at renewal, provided your mortgage amount and amortization remain the same. This removed the main barrier that previously kept Canadian homeowners locked into their bank.
This rule change makes switching lenders at renewal significantly easier than it was before 2023. A broker can walk you through the current requirements for your specific situation.
On a $400,000 mortgage, a 0.5% rate improvement saves roughly $7,200 over a 5-year term ($120/month). Even a 0.2% improvement saves approximately $3,000. On a $500,000 mortgage at 0.5%, savings are approximately $9,000 over five years.
Your bank's posted renewal rate is almost never the lowest available rate. Brokers access 50+ lenders simultaneously — including monoline lenders with lower overhead who pass savings through the broker channel exclusively.
Yes. Mortgage brokers are paid a finder's fee by the lender when your mortgage closes — typically 0.5–1.2% of the mortgage amount. You pay nothing.
The rate you receive through a broker is the same as or better than going directly to that lender. Brokers bring volume to lenders, who offer broker-exclusive rates in return. Maple Key Mortgages charges no upfront fees and no fees at closing.
Renewal: Your mortgage term ends and you negotiate a new rate and term. The mortgage amount doesn't change. You cannot access equity. No full re-qualification required when switching lenders.
Refinancing: You replace your mortgage with a new one. You can change the amount, access equity, consolidate debt, or change your amortization — but it requires full re-qualification including the stress test, and may carry a break penalty if done mid-term.
At renewal time, refinancing can be done penalty-free. See mortgage refinancing in Calgary for details.
Yes — completely. At renewal, your mortgage term has legally ended. There are no prepayment penalties for switching lenders. The new lender typically covers legal and transfer costs to earn your business. Since 2023, no stress test re-qualification is required either.
Most homeowners who stay with their bank at renewal do so out of habit or assumption — not because switching is difficult or expensive.
A broker can present competing renewal options within 24–48 hours of receiving your mortgage information. Once you choose a lender and sign the paperwork, the transfer typically completes before your maturity date.
The entire process is handled by the broker — you don't need to contact multiple lenders, gather competing quotes, or negotiate individually. Starting 120 days before your maturity date gives comfortable runway for the process to complete without pressure.
A rate hold is a lender's guarantee of a specific interest rate for a set period — typically up to 120 days. Once your broker secures a rate hold, that rate is yours regardless of what happens to market rates during that window.
If rates rise, you keep the lower locked-in rate. If rates drop before your renewal date, your broker can shop again for the new lower rate. A rate hold costs nothing and protects you with zero downside.
Almost never without comparing first. Your bank's renewal letter is their opening offer — not their best rate. Banks operate on the assumption that most customers will sign without shopping. A broker can verify whether your bank's offer is competitive within 24–48 hours, for free.
Even if you end up staying with your bank, you'll have a competing offer to negotiate with — which often results in your bank improving their rate to keep you. The comparison costs you nothing.
The lender pays the broker a finder's fee when your mortgage renewal closes — typically 0.5–1.2% of the mortgage amount. This comes from the lender's margin, not from you.
The rate you receive is the same as or better than going directly to that lender. Brokers bring volume, lenders offer broker-exclusive rates. Maple Key Mortgages does not charge any fees to clients for renewal services.
Other situations we handle across Alberta — each free to clients.
A free 48-hour review could save you thousands. No obligation, no fees — ever. 5-star rated. Licensed in Alberta.
