Renewal & Payment Shock
Your mortgage is renewing and the new payment is unaffordable. We help you find a strategy that keeps you in your home.
Hundreds of thousands of Canadian homeowners who locked in at historically low rates in 2020 and 2021 are now renewing into a dramatically higher rate environment. For many, the resulting payment increase is hundreds of dollars per month - sometimes more. If your renewal is approaching and the new payment is unmanageable, you have more options than your current lender may be letting on. We work with a wide network of lenders and can help you extend your amortization, shop for a better rate, consolidate debts to offset the increase, or structure a refinance that fits your new reality.
Key Benefits
Access to Multiple Lenders
Your current lender is offering one rate. We access dozens of banks, credit unions, and private lenders to find the most competitive option for your profile.
Amortization Extension
Re-extending your amortization can meaningfully reduce your monthly payment, buying you time to stabilize your finances.
Debt Consolidation at Renewal
Renewal is an ideal time to roll in other debts - eliminating those extra payments can offset the rate increase entirely.
No Cost to Switch
Switching lenders at renewal typically carries no penalty. We handle the transfer and make the process seamless.
How It Works
- 1
We review your current mortgage details, renewal date, income, and any other debts you're carrying.
- 2
We model multiple scenarios - staying vs. switching, different terms, amortization options - so you can see a clear comparison.
- 3
We submit to the best-fit lender and handle all paperwork and lender coordination.
- 4
You renew with confidence, knowing you got the best deal available for your situation.
Frequently Asked Questions
When should I start shopping my renewal?
Ideally 4–6 months before your renewal date. Most lenders will honour an early rate hold, and it gives you time to explore all your options without pressure. Even if your renewal is imminent, call us - we can often move quickly.
Is it worth switching lenders at renewal?
Very often, yes. Your current lender has no incentive to offer you their best rate - they know switching takes effort. We regularly find better terms elsewhere and handle the entire transfer so it's effortless for you.
Can I extend my amortization at renewal?
If your mortgage is insured, there are now provisions to extend amortization for hardship. For conventional mortgages, switching to a new lender at renewal can restart the amortization clock. We'll explain what's available for your specific mortgage.
What if I can't qualify at a higher rate?
The mortgage stress test can be a barrier - but there are lenders exempt from the stress test for renewals, and alternative lenders with different qualifying criteria. We'll find the path that works for your income and equity position.
Get a Free Consultation
Tell us your situation and we'll find the best option for you.