Renewing your mortgage in Burlington?
Don't sign your lender's renewal letter without comparing first. Get a free personalized guide and a match to a licensed Ontario broker who shops 30+ lenders for you.
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What Burlington homeowners need to know about mortgage renewal
If your mortgage is coming up for renewal in Burlington, you're not alone. Thousands of Ontario homeowners face this decision every month. The key mistake most make: signing the renewal letter from their current lender without shopping around.
Your lender's first renewal offer is typically 0.15% to 0.40% above the best available rate. On a $400,000 mortgage, that difference costs $1,000 to $4,000+ over a five-year term. A licensed Ontario mortgage broker can shop 30+ lenders for you at no cost. They're paid by the lender, not by you.
Since the 2024 stress-test exemption for uninsured straight switches at renewal, switching lenders has never been easier. Learn more about the 2024 rule change.
Figures shown are indicative and for general information only, subject to qualification and lender approval, OAC. Not a quote. A licensed mortgage broker provides your personalized quote.
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Mortgage renewal FAQ for Burlington
How do I find the best mortgage renewal rate in Burlington?
Start by comparing rates from multiple lenders at least 120 days before your renewal date. Burlington homeowners can access competitive rates from 30+ lenders through a licensed mortgage broker at no cost. Don't sign your lender's renewal letter without shopping first.
Can I switch mortgage lenders at renewal in Burlington?
Yes. Switching lenders at renewal is straightforward, and since the 2024 OSFI rule change, uninsured mortgage holders are exempt from the stress test on a straight switch (insured borrowers already were). A licensed Ontario broker can handle the entire process for you remotely.
Do I need to visit a branch to renew my mortgage in Burlington?
No. Licensed Ontario mortgage brokers serve all of the province through digital-first processes. Applications, document submission, and consultations happen online or by phone. No branch visit needed.