Your term is ending and your institution has sent a renewal offer. Nothing obliges you to accept it as is. Describe your situation in two minutes; a broker registered with the AMF calls you back and compares several lenders with you.
When to start shopping your renewal
Most lenders let you hold a rate 90 to 120 days before maturity. Federal law also requires them to send you a renewal notice at least 21 days before the term ends, but waiting for that notice leaves little room: by then, your options often narrow to your current lender’s.
What your lender’s offer does not say
The offer that arrives by mail is a retention offer, rarely the lender’s best, and never the market’s. It also omits the terms that matter as much as the number: prepayment privileges, portability if you move, how penalties are calculated.
Changing lenders: what it involves
A transfer at renewal requires no new down payment. Some fees may apply — appraisal, discharge, sometimes covered by the new lender — and that lender requalifies the file. The broker tells you whether it is worth it before anything is opened.
Renew or refinance?
If you need funds, want to consolidate debt, or plan renovations, renewal is usually the simplest moment to refinance without penalty. The broker compares both scenarios with you rather than assuming one.
Fixed or variable, five years later
Your situation has changed since you signed: income, family, plans, risk tolerance. The question is not “which is cheaper today” but “which can I carry if things change.” Repeating the same choice by default is a decision, not the absence of one.
Why no rate is shown here
A number without your situation would be misleading: remaining balance, current property value, debt ratio, and current lender change which options actually exist. The broker presents real options after the conversation, and nothing is decided by a machine.
What happens after you submit
Your request goes only to the authorized mortgage team. A broker calls you back. You remain free not to proceed; your consent is timestamped and revocable from every email you receive.
Frequently asked questions
Can I renew before the maturity date?
Yes, generally within 90 to 120 days of maturity, without penalty at most lenders. The broker checks your current contract before taking any step.
Does changing lenders affect my credit report?
Completing this form triggers no credit check. An inquiry is made later by the new lender, only if you decide to proceed, and with your explicit consent.
Do I need documents for the request?
No. No document is requested publicly. The broker will tell you what is needed if a file is actually opened.
What happens if I do nothing at maturity?
Most lenders renew automatically, often into an open term or on terms less favourable than what comparing would have produced. It is better to decide beforehand.
Is the request really free?
Yes. Submitting a request is free and without obligation. Any fees tied to a product are explained by the authorized person before you decide anything.