Mortgage Renewal and Switch in Lethbridge and Across BC and Alberta
A renewal letter is not your only option. Your lender’s first offer is rarely their best, and other lenders may offer you more. I review your offer, compare the market and help you decide whether to stay or switch, so you don’t just sign and hope.
Who this is for
This is for homeowners in BC and Alberta whose mortgage term ends in the next few months and who want to be sure they’re getting a fair deal. It’s especially helpful if you:
- Just received a renewal letter and aren’t sure if the rate is competitive
- Are renewing at a higher rate than you have now and want to manage the payment increase
- Want to switch between fixed and variable, or change your term
- Have been told switching lenders is complicated or expensive
I’m a mortgage broker based in Lethbridge, Alberta, licensed to arrange mortgages in both British Columbia and Alberta.
How I help with your renewal
| What I do | Why it matters |
|---|---|
| Review your lender’s renewal offer | I check the rate, term, prepayment privileges and penalty terms, not just the headline number |
| Shop the market for competing options | Small rate differences add up to thousands over a term |
| Explain any costs of switching | Most switches cost little or nothing, but some mortgages have extra fees worth knowing about |
| Time your decision | Starting early lets us hold a rate for up to 120 days, so nothing is rushed |
| Handle the paperwork if you switch | I coordinate with the new lender and the lawyer so the switch is simple for you |
What a small rate difference is worth
| Lender’s renewal offer | Competing offer | |
|---|---|---|
| Mortgage balance | $450,000 | $450,000 |
| Rate (5-year fixed) | 4.59% | 4.29% |
| Monthly payment | About $2,858 | About $2,787 |
| Interest over 5 years | About $93,970 | About $87,660 |
A 0.30% lower rate saves about $6,300 in interest over five years in this example. Switching costs are often a few hundred dollars, and many new lenders cover legal and appraisal fees.
Your renewal timeline
| When | What happens |
|---|---|
| About 120 days out | The ideal time to start. We compare options and can hold a rate. |
| 60 to 90 days out | Your lender’s renewal offer often arrives. We compare it to the market. |
| 21 days out | The legal minimum for a federally regulated lender to send your renewal statement. |
| Maturity date | Your new term begins, with your current lender or a new one. |
What to have ready
| Category | What to gather |
|---|---|
| Renewal offer | Your renewal letter or offer, if you’ve received it |
| Current mortgage | Your most recent mortgage statement |
| Property | Your latest property tax bill |
| Income | Recent pay stubs and a job letter, or recent tax returns if you’re self-employed |
| Identity | Government-issued photo ID |
Please don’t send sensitive documents by regular email. I’ll show you how to share them securely.
For a deeper look at your options, read my mortgage renewal tips.
Renewal and Switch questions
You can start comparing renewal options about four months before your term ends. Many lenders will hold a rate for up to 120 days, and most allow you to renew without penalty within 90 to 180 days of maturity.
Switching lenders at renewal is often worth it, because there’s no prepayment penalty and many new lenders cover legal and appraisal costs. On a $450,000 mortgage, a rate just 0.30% lower can save about $6,300 in interest over a five-year term.
If you sign your lender’s renewal letter, you lock in their offered rate and term for the full new term. That offer is often not the lowest rate available, and once signed, switching before the term ends usually means paying a penalty.
A new lender will review your income, credit and property, but since November 2024 you generally don’t need to pass the stress test if you keep the same mortgage amount and amortization. If you want to borrow more, that’s a refinance and full qualification applies.
Yes. I’m licensed to arrange mortgages in both British Columbia and Alberta, so I can help you renew or switch on a home in Lethbridge, elsewhere in Alberta or anywhere in BC.
Let’s talk about your renewal
Every situation is a little different. Send me your renewal offer and I’ll tell you whether it’s competitive and what your options are, before you sign anything.