Canada's Big Banks are prepping for a period of intense competition as 1.2 million fixed-rate mortgages come up for renewal this year and they are up for grabs.
This wave of renewals represents a significant opportunity for lenders to acquire new customers or retain existing ones. As a result, borrowers have more negotiating power than usual.
Don't automatically accept your current lender's renewal offer. Shop around and get quotes from multiple lenders, including mortgage brokers who can access rates from various sources.
Start the renewal process early - at least 4 months before your matyours. This gives you time to explore options without feeling rushed.
Consider all the terms, not just the rate. Prepayment privileges, portability, and penalty calculations can all affect the true cost of your mortgage.
If you're happy with your current lender but find a better rate elsewhere, ask them to match it. Many lenders will negotiate to retain good customers.
Working with a mortgage broker can help you navigate this competitive landscape and find the best deal for your situation.