There’s a good chance that the mortgage industry has undergone changes since you last looked into your mortgage. New mortgage products are launched regularly and new lenders are always entering the market ready to compete aggressively for your business with the goal of taking market share away from the major banks. A mortgage renewal or transfer presents a great opportunity to have a Sleep Easy Financial mortgage specialist shop the market aggressively for you to secure a better mortgage for you than the one offered by your existing lender.

A mortgage renewal is different from a mortgage transfer in that a mortgage renewal happens at the end of a mortgage term, whereas, a mortgage transfer happens midterm. When a mortgage is up for renewal, there are no legal fees to switch lenders. A mortgage transfer will incur legal fees, but most times we’ll find a lender that will cover the legal costs on behalf of borrowers.

Your existing lender knows that shopping your mortgage renewal takes both time and energy and expect most borrowers will forego shopping their mortgage and simply settle for their renewal offer. This is compounded by the fact that lenders often do not offer you their best rate or renewal options as they expect borrowers to not follow interest rates closely at the time of renewal.

Furthermore, banks are known to conspicuously change the registration of their customers’ mortgages from a standard mortgage to a collateral charge mortgage without informing their customers. Learn more about collateral charge mortgages and their downsides from the Bonus Tip in our blog on 5 Tips to a Sleep Easy Mortgage.

Don’t fall victim to your existing lender’s potentially underhanded renewal practices. Contact us to have us look into your renewal offer. We’ll let you know whether the offer is the best one for you or if there is an opportunity with a different lender that meets your needs better and at a lesser total cost to you.

We invite you to contact us or schedule a complimentary consultation with a Sleep Easy Financial mortgage specialist to see if you’re getting all you deserve to be getting from your mortgage renewal.


Sleep Easy Financial, through its association with Dominion Lending Centres, has access to 50+ lenders including the big banks, credit unions, and trust companies.

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