Mortgage Renewal Toronto
Your mortgage is up for renewal. Don't just sign the first offer.
Your renewal is an opportunity to review more than just the interest rate.
Firmway helps Toronto and Ontario homeowners compare their current lender’s renewal offer with other available mortgage options — including potential lender cashback and extra cash from Firmway for qualified clients.
No obligation · Clear mortgage comparison · Toronto & Ontario
Your total cash opportunity
Current lender
The renewal offer you receive at the end of your mortgage term.
Other available options
Rate
Cashback
Requirements
Estimated total cost
Reviewed together
The complete mortgage value
Availability, costs and qualification depend on the lender, the mortgage program and client circumstances.
Your Renewal Is a Decision Point
A mortgage renewal is more than a new interest rate
At the end of your mortgage term, you generally need to renew your mortgage unless the remaining balance is paid in full.
Your renewal is a good time to reassess whether your current mortgage still fits your financial needs and whether another available mortgage option could provide better overall value.
Rate
Has the rate changed?
Payments
Does the new payment still fit your budget?
Flexibility
Do the mortgage features match your plans?
Cash opportunity
Could another eligible mortgage program include cashback or other financial benefits?
Before You Renew
Your current lender's offer is one option.It doesn't have to be the only one.
Renew with your current lender
- Renewal interest rate
- New payment amount
- Mortgage term
- Payment frequency
- Prepayment flexibility
- Mortgage conditions
- Any applicable fees
Staying with your current lender may be convenient, but the renewal offer should still be reviewed against your needs and other available options.
Compare other mortgage options
- Available mortgage rates
- Potential lender cashback
- Potential Firmway cash
- Requirements
- Switching costs
- Restrictions
- Estimated total mortgage cost
Another lender or mortgage program may provide different features, conditions or incentives.
The best renewal decision is not necessarily the option with the lowest rate or the highest cashback. Firmway helps you compare the complete mortgage value.
Don't Wait Until the Last Minute
When should you start comparing mortgage renewal options?
It is worth reviewing your mortgage options before your current term expires rather than waiting until the final renewal notice arrives.
For federally regulated financial institutions, renewal statements are generally required at least 21 days before the end of the existing mortgage term. Practices can differ between lenders, so review the timelines that apply to your own mortgage.
More Value at Renewal
Could your mortgage renewal include cashback?
Potentially.
Certain eligible mortgage programs may offer lender cashback when a mortgage is renewed or transferred. Qualified clients may also be eligible for additional cash from Firmway from a portion of Firmway’s brokerage compensation.
Eligibility, availability and amounts depend on the mortgage program, lender requirements and client qualification.
Available
Lender cashback
Other available options
Firmway cash
More potential
Cash at renewal
Reviewed together with the rate, requirements and estimated total mortgage cost.
Before You Sign
Should you accept your bank's mortgage renewal offer?
Not before you understand how it compares.
A renewal offer may be convenient, but convenience alone doesn’t tell you whether the mortgage provides the right combination of rate, payment structure, flexibility, cashback opportunity and overall cost.
Firmway can help review your current renewal offer and compare it with available alternatives.
Before accepting your renewal, review:
- Offered interest rate
- Mortgage term
- Payment amount
- Payment frequency
- Prepayment options
- Applicable fees
- Available cashback
- Additional requirements
- Mortgage restrictions
- Estimated total cost
Compare the Complete Value
Cashback or a lower renewal rate?
A larger cashback amount does not automatically mean a better mortgage. Likewise, focusing only on the interest rate may overlook other costs, requirements and financial benefits.
Another Option at Renewal
You don't have to renew with the same lender
When your mortgage term ends, you may have the option to move your mortgage to another lender if another available mortgage better suits your needs.
A new lender will still need to approve the mortgage based on its qualification requirements.
Renew with your current lender
Continue the mortgage relationship under new renewal terms.
Switch to another lender
Transfer the mortgage to another lender after comparing qualification, costs, terms and potential benefits.
Understand the Costs
What should you consider before switching mortgage lenders?
Switching lenders may involve costs, so the potential benefits should be reviewed against those expenses.
Discharge / transfer costs
Your existing mortgage registration and lender may involve applicable discharge, transfer, assignment or registration costs.
Appraisal
A new lender may require a property appraisal.
Administration
Additional administrative or legal costs may apply depending on the transaction.
Collateral charge
Mortgages registered as collateral charges may involve additional steps or costs when changing lenders.
Some switching costs may be covered
In some cases, a new lender may be willing to pay certain switching costs. Availability depends on the lender and mortgage program.
The Firmway Approach
What should you consider before switching mortgage lenders?
Switching lenders may involve costs, so the potential benefits should be reviewed against those expenses.
Understand the requirements
Know what accounts, products or conditions may be associated with an offer.
Compare alternatives
Review whether another available mortgage offers a different combination of rate, cashback and requirements.
Choose with clarity
Understand the overall mortgage value before making your renewal decision.
Understand the Costs
What should you consider before switching mortgage lenders?
Switching lenders may involve costs, so the potential benefits should be reviewed against those expenses.
Monthly payment
How will the new rate affect your mortgage payment?
Term
Does the proposed mortgage term match your plans?
Payment frequency
Would another payment frequency work better for your budget?
Prepayment options
Do you expect to make additional payments?
Debt consolidation
Would restructuring your mortgage help address higher-interest debts?
Future plans
Are you planning to sell, move, refinance or make major changes during the next term?
Why Firmway
A clearer way to review your mortgage renewal
Compare more than rate
Review rate, cashback, requirements, restrictions and overall cost.
Cash opportunity
Explore available lender cashback and potential Firmway cash.
Renew or switch
Understand the potential advantages and costs of both paths.
Human guidance
Work with a Firmway representative throughout the renewal comparison process.
Trust
A licensed Ontario mortgage brokerage
Firmway Financial Group Inc.
Mortgage Alliance – Mike Palacio
LIC #10530
Firmway Financial Group Inc. operates as a mortgage brokerage serving clients across Toronto, the GTA and Ontario.
40+ Years of Combined Mortgage Experience.
Check Your Cash Options
Check Your Cash Options
Tell us a little about your mortgage. No credit check or detailed application is required at this stage.
- No credit check at this stage
- No income documents required to start
- A representative reviews your inquiry personally
No credit check. No obligation.
FAQ
Questions about renewing your mortgage
Clear answers about renewal timing, comparing offers, cashback opportunities and switching considerations in Canada.
When should I start comparing mortgage renewal options?
Reviewing your options a few months before your mortgage term ends generally gives you time to compare alternatives without rushing. For federally regulated financial institutions, renewal statements are generally required at least 21 days before the end of the existing term, though practices can differ between lenders.
Do I have to renew with my current lender?
Not necessarily. At the end of your mortgage term you may renew with your current lender or explore moving the mortgage to another lender, provided the new lender approves the mortgage under its own qualification requirements.
Should I accept my bank's mortgage renewal offer?
That depends on how the offer compares. Before signing, review the rate, term, payment amount and frequency, prepayment options, fees, any available cashback, additional requirements, restrictions and the estimated total cost.
Can I get cashback when renewing my mortgage?
Possibly. Certain eligible lender programs may include cashback when a mortgage is renewed or transferred. Availability, amounts and conditions depend on the lender program and client qualification.
Can I receive lender cashback and extra cash from Firmway?
Where a lender program includes cashback and the transaction is eligible, qualified clients may also receive additional cash from Firmway, paid from a portion of Firmway’s brokerage compensation. Both depend on the mortgage program and qualification.
Can I switch mortgage lenders at renewal?
You may have the option to move your mortgage to another lender when your term ends. The new lender must still approve the mortgage, and switching considerations such as costs and timelines should be reviewed first.
What does it cost to switch mortgage lenders?
Costs vary by transaction and may include discharge, transfer, assignment or registration costs, an appraisal, and administrative or legal costs. These should be weighed against the potential benefits of the new mortgage.
Will a new lender cover switching costs?
In some cases a new lender may be willing to pay certain switching costs, but this is not guaranteed. Availability depends on the lender and the specific mortgage program.
What should I compare besides the mortgage rate?
Consider available cashback, additional requirements, prepayment privileges, mortgage flexibility, restrictions, switching costs and the estimated total cost over the term — not the rate alone.
What happens if my mortgage is registered as a collateral charge?
Mortgages registered as collateral charges may involve additional steps or costs when moving to another lender. Reviewing how your mortgage is registered early helps clarify what a switch would involve.
Renewal Resources
Make a more informed renewal decision
Should you accept your bank's mortgage renewal offer?
What to review before signing the offer your current lender sends you.
When should you start comparing renewal options?
Renewal timelines in Canada and why earlier reviews leave more room to compare.
How much does it cost to switch mortgage lenders?
Discharge, appraisal, administration and collateral charge considerations.