Renewal & Switch in Calgary

Renewing your Calgary mortgage

The letter your lender sends is an offer, not a bill — and it is very rarely their best rate. Renewal is the one moment in the life of a mortgage when you can move to another lender without a penalty, which makes it the cheapest opportunity you will ever get to fix a mortgage that no longer suits you.

What to do before you sign

• Start early. Around 120 days out, we can hold a rate and still shop.
• Compare properly. Not just rate — penalty calculation, prepayment privileges, portability, and whether the charge is collateral or standard.
• Reconsider the structure. A lot has probably changed since you last signed: income, debts, whether you have added a suite, whether you plan to move.

Why the fine print matters more at renewal

If your current mortgage is a collateral charge, switching lenders can involve additional legal cost — worth knowing before you assume a switch is free. And if you are likely to move within the term, portability and the penalty formula matter far more than a few basis points. I read those terms out loud before you sign anything.