Your renewal letter is one offer, not your only option
At the end of your term you are free to move your mortgage without a penalty. We compare lenders on your rate and your terms before you sign anything.
What happens at mortgage renewal?
Your mortgage term is the stretch of years your current rate and conditions apply. When it ends, the remaining balance needs a new term. Your lender usually mails a renewal letter with one offer, and most homeowners sign it and send it back.
That letter is a starting point. At the end of your term you can move your mortgage to another lender without a prepayment penalty, and you can change the term, the payment schedule or the amortization. A broker compares offers across the market so you can see the rate and the terms side by side before you decide.
Apply TodayYour balance carries forward either way. What changes at renewal is everything around it: the rate, the term, the prepayment privileges and which lender holds the mortgage.
Why homeowners renew with a broker
Signing the first offer is easy. Comparing a few takes a short call and can shape the next several years of payments.
The market, not one offer
Your lender sends one renewal offer. We compare it against our lender network so you can see where it stands.
Terms, read line by line
Rate is one number. We also compare prepayment privileges, penalty terms and portability, the details that matter mid-term.
No penalty to move at term end
When your term is up, switching lenders carries no prepayment penalty. Staying is still an option if your offer holds up.
What people do at renewal
Renewal is the one point in your mortgage where every term is open again. Here is how Ontario homeowners use it.
Lower your monthly payment
Move to a better rate or extend your amortization to free up room in the monthly budget.
Pay it off faster
Raise your payments or pick a mortgage with stronger lump-sum privileges to shorten the road to mortgage-free.
Change your term
Choose a shorter or longer term, or a fixed or variable rate, to fit where your life is heading.
Take out some equity
Combine your renewal with a refinance to access equity for a renovation or a large expense.
How it works
Three simple steps from renewal letter to a new term you chose.
Share your renewal offer
Tell us your balance, your renewal date and what your lender offered. It takes minutes and does not affect your credit score.
We shop the market
A Lighthouse specialist compares your offer against our lender network on rate and terms, then walks you through the options.
Renew or switch
Pick the offer that fits. If you switch, we handle the paperwork with the new lender so the move is smooth.
Your three paths at renewal
A quick look at how renewing with a broker compares with signing your lender's offer or breaking your term early.
| Renew with a broker | Sign your lender's offer | Break early | |
|---|---|---|---|
| Prepayment penalty | None at term end | None | Usually yes |
| Lenders compared | Many | One | Depends on who you ask |
| Terms reviewed beyond the rate | Yes | Rarely | Sometimes |
| Change term or amortization | Yes | Limited | Yes, at a cost |
| Option to access equity | Yes | Depends on your lender | Yes, at a cost |
What could a better renewal rate save?
Move the sliders to compare your lender's renewal offer with a rate a broker sourced, then ask us for your own quote.
What Ontario homeowners say
See how Lighthouse Lending has helped Ontario families use their equity.
"After explaining our situation, Kristen found a way to save us thousands. Positive, professional and kind the whole way. Life changing!"
"Fantastic to deal with and very helpful at times when life can feel stressful over finances. I really appreciated the care they put in."
"Matthew was wonderful to work with. Calm and collected, and handled everything with professionalism and integrity. Highly recommend."
Mortgage renewal questions
Everything you need to know before you sign.
Yes. Prepayment penalties apply when you break a mortgage before the term ends. At the end of your term you are free to move to another lender without one. If a switch carries any other costs, such as legal or appraisal fees, we tell you up front.
You can, and sometimes it is the right call. The letter is one offer from one lender, though. Comparing it with the wider market shows you whether it holds up on rate and on terms before you commit to another several years.
Prepayment privileges decide how much extra you can pay down each year. Penalty terms decide what it costs if you break the mortgage early. Portability decides whether you can take the mortgage with you if you move. We compare all three alongside the rate.
A few months before your renewal date is a comfortable window. It gives you time to compare offers and decide without rushing.
For most mortgage products the lender pays our fee, so our help is free to you. If any fee ever applies, we tell you up front, in writing, before you commit.
See your renewal options side by side
Share your renewal offer in minutes and get a clear comparison. No pressure, and no impact on your credit score to see what you qualify for.