10/20/2026
Mortgage renewal coming up? Don’t sign before comparing your options.
Your current lender’s offer may not be the most competitive. On a $500,000 mortgage with 20 years remaining, the estimated payment is about $3,286/month at 5% versus $3,152/month at 4.5%—a difference of about $134/month.
Over five years, that adds up to about $8,016 in total payments. That figure is not the same as interest saved, since the mortgage balances would also differ.
Compare more than the rate: check prepayment options, penalties, portability, fees, and other terms. Ontario homeowners can explore offers from lenders or consult a licensed mortgage professional. Switching is subject to eligibility and lender approval.
Take time to review your options before you renew.
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