Your Renewal Is Negotiable: The Artisan Renewal Strategy
Compare an Alberta mortgage renewal before you sign the bank's letter. The 120-day window, a straight switch, and when a refinance is the better path.
At a glance
At renewal, compare staying with your lender, switching lenders, and refinancing if you need to change the loan. Start before the term ends and compare the full cost of each option.
- Bring your current statement and renewal offer.
- Ask who pays each discharge, registration, legal, and appraisal cost.
- A new lender must approve the application, even for a switch.
Your renewal offer is worth comparing with other options. Bring the letter and your plans for the next term so we can compare the payment, flexibility, and total cost.
120 days out: the sweet spot
Start comparing a few months before maturity. Ask each lender how long the quote is held and whether accepting or switching early would trigger a penalty.
Check switching costs before accepting an offer
A lender may cover some switching costs. Request written confirmation of which fees are covered and which you pay before comparing the offers.
Refinance vs. renew
If you have meaningful equity and high-interest debt, a refinance at renewal can fold that debt into the mortgage — only if you still pass the stress test. That is a refinance, not a straight renewal. The commercial door for the letter itself is mortgage renewal in Alberta. If the renewal is really one spouse buying the other out, use the spousal buyout path instead of signing the bank’s letter.
The best time to start your renewal review is 5 months before maturity. The second-best time is today.
What to send before the first call
- The renewal letter, if it has arrived, and the annual statement.
- The property address and an honest note on whether you will sell in this next term.
- Any debt you hoped to fold in. That request turns a renewal into a refinance.
- A separation agreement, if one owner is being removed. That is a buyout, not a switch.
A straight switch is not always available
Check what charge is registered on title. With a collateral charge, other secured debts and additional legal work may affect the transfer. Get a written fee breakdown and confirm any costs the new lender will cover.
If the comparison favours staying, ask your current lender whether it can improve its offer. If moving looks better, confirm the discharge costs and the new payment schedule before accepting.
The 120-day window is a comparison, not a new loan yet
Use the comparison period to request written offers and confirm their expiry dates. If you need cash out or a borrower removed, explain that before asking for a straight-switch quote. The mortgage renewal page distinguishes a renewal from changes that may require a refinance.
Sources and further reading
- FCAC: Renewing your mortgage
Covers comparing renewal offers, changing lenders, and potential switching costs.
- FCAC: Discharging a mortgage
Explains mortgage discharge and professional fees, including potential costs when switching.
- OSFI: Minimum qualifying rate and straight switches
Explains the prescribed stress-test exemption for qualifying uninsured straight switches between federally regulated lenders; underwriting still applies.
This guide provides general information. Your lender's terms and your circumstances determine the available options. Our editorial policy explains how we use sources. Report a correction.
