Renewal & switch
Mortgage Renewal & Switch in Vaughan
Your lender mails you a renewal letter a few months before your term ends, and it usually has a rate printed on it and a line that says you can just sign and send it back. I want to be honest with you: that is the most expensive piece of mail you will get all year. The renewal offer is convenient for the bank, not necessarily a reflection of the best the market has to offer you that day.
I am Lucia Gugliuzzi, a licensed mortgage broker (FSRA #M08005123) here in Vaughan with 22+ years of helping people through exactly this moment. When your term comes up, you have a rare chance to shop, negotiate, or move your mortgage entirely, and there is no broker fee to you for me to help you do it. Let's look at what's actually possible before you sign anything.
Who this helps
You just got a renewal letter in the mail
The bank quoted you a rate and asked you to sign. Before you do, let me shop that number against 50+ lenders so you know whether it's competitive or just convenient.
Your term ends in the next 4-6 months
This is the ideal window. We have time to review your options, lock something in, and switch lenders smoothly if that turns out to make sense for you.
Your situation has changed since you signed
Maybe your income, your credit, or your goals look different now. A renewal is the natural time to restructure your amortization, consolidate debt, or change your payment to fit where you are today.
You want to break early or port
If you're considering moving or buying before your term ends, we can weigh penalties against potential savings so you're not guessing about whether an early switch is worth it.
Here is what makes a renewal different from a brand-new purchase: at renewal, switching to a new lender is often a straight transfer rather than a full refinance, which means many lenders will cover the basic legal and appraisal costs to earn your business. That is leverage you only have right now. The catch is that a switch still means re-qualifying with the new lender, so approvals depend on lender criteria and the stress test still applies. Staying with your current lender to simply re-sign usually skips that re-qualification, which matters a great deal if your income or credit has softened since you first signed. I look at both paths honestly and tell you which one realistically fits your file.
The most common mistake I see is treating the printed renewal rate as a take-it-or-leave-it offer. It rarely is. Lenders post a renewal number expecting most people to sign without question, and many do. When I bring a competing offer to the table, your existing lender will frequently sharpen their pencil to keep you, and either way you win. The second mistake is renewing on autopilot into the exact same term and payment without asking whether that structure still serves you. Sometimes a different amortization, a blend of fixed and variable thinking, or folding a high-interest balance into the mortgage changes your monthly picture far more than the rate alone.
My approach is simple and unhurried. I review your current mortgage, your renewal letter, and your goals, then I compare your lender's offer against the broader market so we can see the full picture together. Because I am paid by the lender on most files, there is $0 broker fee to you for this. I do not pressure you to move for the sake of moving. If your bank's offer is genuinely strong, I will tell you to stay. If shopping it or switching opens up real options, we map that out together. O.A.C., and I always point you to canada.ca and CMHC to confirm current rules for your own situation.
What you’ll typically need
- Your current mortgage statement showing balance, rate, and maturity date
- The renewal offer letter from your existing lender
- Recent pay stubs or proof of income (or business documents if self-employed)
- Notice of Assessment or T4s for the last one to two years
- Government-issued photo ID
- Your most recent property tax bill
- Current home insurance details
- A recent mortgage payment history if switching to a new lender
My five-step process applies cleanly here: we start with a no-pressure conversation about your renewal letter and goals, I pull your documents and assess where you stand, I shop your offer across 50+ lenders, we review the realistic options side by side, and I handle the switch or renewal paperwork through to funding.
Today’s rate — for your file
Today’s best rate — for your file
I shop 50+ lenders so you don’t have to.
Rates change daily and depend on your down payment, credit, property and term — so a single number on a webpage rarely matches what you’ll actually get. I compare 50+ lenders to find your best rate, at $0 fee to you. Book a 15-minute call for a live, personalized quote.
How it works
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Discovery call
A free, no-obligation conversation about your goals, your situation, and what’s realistic.
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Document review
I review your full picture — income, credit, down payment — and tell you honestly where you stand.
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Lender matching
I compare 50+ lenders to find the product and rate that genuinely fit your file.
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Application
I package and present your application to the right lender to give it the best chance.
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Approval & closing support
I guide you through approval and closing — and stay in your corner after. (Approvals depend on lender criteria.)
Renewal — your questions
Should I just sign the renewal my bank sent me?
Not before we compare it. The posted renewal rate is built for convenience, and it is often higher than what you may qualify for elsewhere. A quick review costs you nothing and frequently reveals room to do better, even if you ultimately decide to stay put.
Will switching lenders at renewal cost me money or trigger a penalty?
If you switch when your term naturally ends, there is normally no prepayment penalty because you are not breaking the mortgage. Many lenders also cover basic transfer costs like legal and appraisal fees. Breaking early is a different calculation, and I will walk you through whether the potential savings outweigh any penalty.
Do I have to re-qualify if I switch to a new lender at renewal?
Yes. Moving to a new lender means a fresh application, so the stress test and that lender's criteria apply. Approvals depend on lender criteria. If your income or credit has changed, staying with your current lender to re-sign may avoid re-qualifying, and I will help you weigh which path is more realistic for your file.
