Renewing your mortgage in Ottawa?
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.
Get Your Free GuideEastern Ontario • Population: 1,000,000+
What Ottawa homeowners need to know about mortgage renewal
If your mortgage is coming up for renewal in Ottawa, 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 Ottawa
How do I find the best mortgage renewal rate in Ottawa?
Don't just sign your lender's renewal letter. Ottawa homeowners can access competitive rates from 30+ lenders through a licensed mortgage broker, at no cost. Start shopping at least 120 days before your renewal date to maximize your options.
Should I switch mortgage lenders at renewal in Ottawa?
It depends on your situation. If another lender offers a meaningfully better rate or terms, switching at renewal is straightforward, especially since the 2024 stress-test exemption for uninsured straight switches at renewal. A broker can show you exactly what you'd save.