Frequently asked questions
Everything Ontario homeowners ask about mortgage renewal, switching lenders, and how BeforeYouRenew.ca works.
Is BeforeYouRenew.ca a mortgage brokerage?
No. BeforeYouRenew.ca is a referral service, not a brokerage. We do not provide mortgage advice, quotes, or lending services. We match you with one licensed Ontario mortgage broker regulated by FSRA (Financial Services Regulatory Authority of Ontario). That broker provides all advice and personalized rate comparisons.
Is this service really free?
Yes. The guide is free and the broker match is free. Licensed mortgage brokers are paid by the lender when your mortgage funds, not by you. No cost to you, no obligation to proceed.
Who sees my personal information?
Your information goes to one matched licensed mortgage broker who will prepare your comparison. We don't add you to marketing lists, sell to data brokers, or share with third parties. See our full privacy policy for details.
How do you choose which broker I'm matched with?
We work with vetted, FSRA-licensed Ontario mortgage broker teams who have access to 30+ lenders and serve all of Ontario through digital-first processes. Your match is based on your renewal situation and the broker's specialty areas.
Do I have to use the broker you match me with?
No. The match is a recommendation with no obligation. You can use the information and guide we provide to negotiate on your own, work with the matched broker, or choose any other broker or lender. There is no penalty or cost either way.
Can I switch lenders at mortgage renewal without the stress test?
If your mortgage is insured (typically purchased with less than 20% down), yes. As of November 2024, OSFI removed the stress-test requirement for insured mortgage holders switching lenders at renewal. If your mortgage is uninsured, the stress test still technically applies, but many lenders offer flexibility. A broker can identify which ones.
How much can I save by shopping my mortgage renewal?
It depends on your balance and term length. The gap between a lender's renewal offer and the best available rate is typically 0.15% to 0.40%. On a $400,000 mortgage, that works out to roughly $1,000 to $4,000+ over a five-year term. Figures are indicative. A licensed broker provides your personalized comparison.
When should I start preparing for my mortgage renewal?
At least 120 days (4 months) before your renewal date. This gives you time to get competing quotes, negotiate with your current lender, and if switching, complete the transfer process. Many lenders offer 120-day rate holds, so starting early doesn't mean you'll miss a better rate later.
What if my renewal is more than 6 months away?
You can still take the quiz and receive the guide. While it may be too early to lock in rates, understanding your options and creating a plan now puts you in a stronger negotiating position when the time comes.
What is the difference between a renewal and a refinance?
A renewal happens when your term ends and you negotiate new terms for the same balance. A refinance changes the loan itself: increasing the amount, extending amortization, or pulling out equity. Renewals are simpler and cheaper. Refinances involve legal fees, appraisals, and a full stress-test qualification. Read our detailed comparison in the guide section.
Does the broker serve my area?
Yes. Our matched broker teams are licensed in Ontario and serve the entire province online. Applications, document submission, and consultations happen by phone or video. No office visit needed.
How do I withdraw my consent?
You can withdraw your consent at any time by replying to any email you receive from us or the matched broker, or by emailing hello@beforeyourenew.ca. Your request will be processed promptly.
Still have questions?
Take the quiz to get your personalized guide, or email us directly.
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