Bank of Canada Decreases Rate by 0.25%
Transfer your mortgage to nesto to unlock flexible mortgage options & rates lower than your bank.
Renewal is the perfect opportunity to renegotiate your rate & terms. But your bank is banking on you automatically renewing with them. Why settle for their renewal offer when you could do so much better? Here’s what they don’t want you to know:
of Canadians hit auto-renew with their banks*
lower renewal rates at nesto vs the big banks*
saved on interest (in your next term) when you switch to nesto*
The federal government has recently rolled out key changes that could affect your financial plans. We’re here to help you navigate these changes.
Effective November 21, 2024
Per federal banking regulator OSFI, Canadian homeowners with uninsured mortgages will no longer need to pass a stress test when switching lenders at renewal, aligning with the exemption already in place for insured mortgages. Read on
Every homeowner will face mortgage renewal—so why not be ready? Our Hub has everything to expect up to your renewal date.
Whether you’re sticking with your lender or shopping around, our guide has the scoop to help you stay ahead.
If your mortgage is coming up for renewal, you’re not alone – nearly half of all Canadian mortgages are coming up for renewal before 2027*.
Here’s what the months leading up to your renewal will look like:
You’ve already taken a big step towards saving on your upcoming mortgage renewal.
If you secured your mortgage with ultra-low rates during the 2019-2021 housing boom, your renewal could bring a 30-40% payment increase.* But don’t worry—switching lenders could help soften the impact 😉. Try out our Payment Shock Calculator.
Expect your lender’s renewal offer at least 21 business days before your term ends.
Their first offer is often not the best. Take time to shop around—there are no rate holds from your current bank until you’re within 35 days of renewal. Compare offers and discover how much you can save by switching to nesto, using our calculator. You can access nesto’s best rates once you are within 120 days of your current mortgage maturity date.
Many lenders allow you to renew up to 120 days before your term ends—penalty-free. If rates are rising, locking in early might save you money. We’ve outlined all the pros & cons. Don’t make the mistake of accidentally renewing your mortgage early without considering your cost savings and shopping around for the best mortgage rate.. this could cost you!
This is when you can take full advantage of your options and kickstart your savings.
To ensure you’re choosing the mortgage that fits your needs, it’s essential to compare offers carefully—don’t forget to check penalty calculations and prepayment options. We’ve done the heavy lifting for you, so you can easily access the lowest rates and our advisors are here to guide you every step of the way.
Securing a low rate now means less worry about future rate hikes. If rates go up, you’re protected; if they go down, our rate drop policy lets you benefit from the lower rate*. Many non-bank lenders offer rate locks for 60–120 days, giving you peace of mind. At nesto, we can lock in a rate for up to 150 days from your renewal date—win-win!
With your renewal around the corner, now’s the perfect time to explore your options. Don’t settle for less when you could secure more.
Now’s the time to get serious about rate shopping. Use online tools and consult with a mortgage expert to ensure you’re seeing the full picture. A low rate is just the beginning.
Share their rate offer with us, and we’ll compare it to show you what’s really possible. You can lock in rates with multiple lenders to keep your options open.
The transfer process can be simple. Switching could help you secure a better rate or more favourable terms. While there may be costs involved (depending on your mortgage type), the potential savings often outweigh them. Should I switch mortgage providers?
With 60 days to go, you still have time to take full advantage of your mortgage options and secure incredible savings.
By now, you should have a clear sense of whether to stay with your current lender or switch. Choose the option that offers the best rate and terms for your needs.
If you’re making the switch, now’s the time to start your application. This gives you ample time to gather documents and complete necessary steps. While switching may involve fees (such as appraisal or discharge costs), many lenders cover some of these. Plus, with potential savings of up to $12,780* in interest over the next term, it can be well worth it.
👉 Prime Time Mortgage Offer: Get a variable rate as low as a fixed rate for the first 6 months. Afterward, choose between fixed or variable rates—penalty-free*.
👉 Quick Close Offer: Closing within 60 days? You’re eligible for our lowest 5-year fixed rates. Don’t miss the chance to secure a fantastic deal before your renewal! See all of our special offers here
Your renewal is just 30 days away, but there’s still time to secure the best rate and potentially save thousands. Now’s the time to act—especially since you can still transfer to a new lender, as long as you haven’t met with your notary or solicitor.
Your lender will send a renewal statement at least 21 days before your term ends, outlining your remaining balance, payment details, and rate. By now, you’ve done your research and can negotiate from a position of strength.
If you decide to switch, start the application process now (at nesto this can take around 10 minutes). You’ll need to submit documents like pay stubs, T4s, and NOAs. Our experts are here to help you every step of the way.
Helpful Tools & Resources
When it comes to managing your finances, every decision counts. One major decision you may need to make with your mortgage is whether to switch your mortgage provider or stay…
In Canada, nearly 40% of households hold a mortgage, making it the most significant regular expense for most families. Over a decade ago, mortgage stress tests were introduced to ensure…
Get rate cuts before the rate cuts
How it works
In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first inquiring from your current lender about the cost of moving the mortgage elsewhere. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.
You should start to think about the renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
*Comparing nesto’s January 2024 to Sept 2024 5-year fixed insured rates vs the big 6 bank posted rates approximately rounded up. Terms & conditions apply. Comparison lenders may offer unpublished special discounts. *Statistics source: CMHC. Savings calculation assumes a $500K mortgage amount, 25 year amortization, 5% down payment. *Payment shock. Nesto permits 1 rate float-down if rates drop.
