The renewal letter is a starting point, not a final offer.
Most Canadians simply sign the letter their bank sends them. That's how banks make their margin. A 15-minute review usually saves thousands over a five-year term.
Start 4–6 months early
Most lenders will hold a rate for 90–120 days. Starting early means we can lock a rate if the market's moving up, and stay flexible if it's moving down. It also gives us time to explore whether switching lenders makes sense.
- ·Your current lender's offer vs. the full market
- ·Fixed vs. variable, and shorter vs. longer terms
- ·Whether to increase or decrease amortization
- ·Prepayment privileges, portability, and penalty structure
- ·Discharge fee from your existing lender (~$300)
- ·New lender's legal & appraisal costs (often covered by lender credits)
- ·No penalty when you switch at maturity
- ·New rate hold protects you if rates move up before funding
Documents required
A renewal-only switch (same balance, same amortization) is one of the lightest files in mortgage lending. Add your renewal letter and the standard income package below.
Select the category that best describes your income:
- Letter of employment on company letterhead — dated within 30 days, showing role, start date, salary/hourly rate, guaranteed hours, and probation status
- Two (2) most recent pay stubs (year-to-date visible)
- T4s for the last 2 years
- Notices of Assessment (NOAs) for the last 2 years
- CRA proof of no tax arrears (My Account screenshot or Statement of Account)
Commission, bonus, or overtime income requires a 2-year average from T4s / T1s.
- Two pieces of government-issued ID (one photo) for each borrower
- SIN (for credit bureau consent — not written on any documents)
- Current residential address and 3-year address history
- Current mortgage statement (balance, rate, maturity date, penalty)
- Most recent property tax notice — paid up to date
- Home insurance policy declaration page
- For strata: current Form B and monthly fee confirmation
- Recent BC Assessment or appraisal (if available)
- Renewal / early renewal offer letter
- Most recent annual mortgage statement
- Void cheque for the new mortgage payment
Send documents as PDFs or clear photos. Everything is transmitted through the secure DLC portal — nothing sensitive over email.
Start with a conversation.
No credit pull, no pressure. Applications never trigger a credit check without your explicit consent.