Mortgage Renewal Ottawa: Don't Leave Money on the Table
“Your bank is counting on you to just sign. We're counting on finding you something better.”
Renewal season is the single best opportunity to save significant money on your mortgage, and most Ottawa homeowners miss it by signing whatever their bank sends. Jessy Gill shops your renewal across 45+ lenders for free.
Send My Renewal Date
The Real Cost
What Auto-Renewing Actually Costs You
On a $500,000 mortgage, the difference between signing the bank's offer and shopping the market can be significant. Here's how the math works.
Auto-Renew with Your Bank
Shopped Rate with Jessy
Estimated savings over a 5-year term
$21,550
Illustrative example. Rates vary. Based on 25-year amortization. Rate difference: 0.90%.
When to Act
The Mortgage Renewal Timeline
The earlier you start, the more options you have. Here's how the renewal window works in practice.
Ideal Window to Start
Contact Jessy. She shops your renewal across 45+ lenders and holds your best rate. If rates fall before closing, you get the lower rate. If they rise, you're locked in.
Rate Hold Begins
Most lenders allow a 120-day rate hold. This is your last chance to lock in before your bank sends a renewal offer, which will almost always be at posted rates.
Bank Renewal Notice Arrives
Federal law requires lenders to notify you at least 21 days before your term ends. At this point, you're in the reactive zone. Switching is still possible and often worthwhile.
Term Ends
If you haven't acted, your mortgage rolls over at whatever rate your lender offers, with no shopping or negotiation. This is what the bank is counting on.
The Numbers
“Most Ottawa homeowners who auto-renew overpay by 0.5–1.0% on their rate. On a $500K mortgage, that's $2,500–$5,000 per year.”
The renewal conversation with your bank takes 10 minutes. Shopping 45+ lenders with Jessy takes the same amount of your time and can save you thousands. The only thing to lose is overpaying.
Transfer vs Stay
Switching Lenders at Renewal: Easier Than You Think
Many Ottawa homeowners assume switching lenders is complicated or expensive. It isn't. At renewal, you have every right to take your mortgage anywhere without paying a penalty.
The new lender typically covers the cost of a standard appraisal and legal transfer. The process is handled between lenders, with minimal paperwork on your end. Most switches complete within two to four weeks.
The only reason to stay with your existing lender is if they match or beat what's available elsewhere. Jessy will tell you honestly when that's the case.
FAQ
Renewal FAQs
- Is it expensive to switch lenders at renewal?
- Switching lenders at the end of your term costs nothing. There's no penalty to break a mortgage at its natural maturity date. The new lender typically covers any legal and appraisal costs associated with the switch. Jessy's services are also free to you, paid by the lender. The only real cost of switching is the 30–60 minutes it takes to sign new documents.
- My bank offered me a 'loyalty rate.' Should I take it?
- Bank loyalty rates are often still well above what's available through the broker channel. They are designed to reward you enough that you don't leave, but not so much that you're getting the market's best rate. Before accepting anything, let Jessy compare it. In most cases, she can find a materially better rate elsewhere, and if not, she'll tell you honestly to stay put.
- What if I'm happy with my current lender?
- You can absolutely stay with your current lender, but you should still know what else is available before you negotiate. Knowing the market rate gives you leverage when going back to your existing lender. Jessy frequently helps clients get a better offer from their own bank just by showing up with competing offers in hand.
Send Jessy Your Renewal Date
Tell Jessy when your mortgage renews and she'll start shopping the market, free and no obligation. Most clients save thousands without lifting a finger.
Shopping your renewal takes 10 minutes of your time. Jessy handles everything else.