Before you sign your bank’s renewal letter, see what it costs versus switching: interest saved over the term, the balance difference at the end, and the keep-your-payment trick that shortens your mortgage for free.
A worked example: the letter vs the sheet
Say your $400,000 mortgage is renewing and the letter offers 4.79%. The best insured 5-year on my sheet is 4.69% as of October 22. Over a 25-year amortization that gap is about $23 a month, roughly $1,350 over the five-year term, for signing a different piece of paper. The calculator above runs your own balance and both rates, and switching at maturity has no penalty.
Take the numbers above into our guide on whether to renew or refinance your mortgage in BC.
Not ready yet?
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Two free alerts. No application, no credit check, and you can stop them any time.
Renewal reminder
Tell me when your mortgage renews. About 4 months before, I'll shop it against 50+ lenders, so you have real options in hand when your bank's renewal offer arrives.
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Pick a rate. When the best 5-year fixed I can get drops below it, I'll text you. One text, then the alert switches off.
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Frequently asked questions
Can I switch lenders at renewal without a penalty?
Yes. At maturity there is no penalty at all, and since January 2026 a straight switch no longer requires re-taking the stress test. The new lender typically covers legal and transfer costs to win your file.
Is my bank’s renewal letter negotiable?
It is a starting offer, not their best. Bring a competing quote and most lenders move. The gap between the letter and the market is usually thousands over a term, which is exactly what this calculator shows.
When should I start shopping my renewal?
About 120 days out. Rate holds protect you if rates rise, and you still take the better rate if they fall.