RENEWAL
Switch to a better mortgage, on your terms
Transfer your mortgage to nesto to unlock flexible mortgage options & rates lower than your bank.
- 15% lower rates than banks, no haggling required*
- Flexible payment options for your needs
Get started today
1-866-656-7354
Will you live in this property?
Province
Unlock your low rate
Switch to savings with nesto
Renewal is the perfect opportunity to renegotiate your rate & terms. But your bank is banking on you automatically renewing with them. Why settle for their renewal offer when you could do so much better? Here’s what they don’t want you to know:
66%
of Canadians hit auto-renew with their banks*
15%
lower renewal rates at nesto vs the big banks*
$12,780
saved on interest (in your next term)
when you switch to nesto*
Skip the rate shopping. Get the lowest renewal rate right from the start.
Move your mortgageNew rules, new opportunities
The federal government has recently rolled out key changes that could affect your financial plans. We’re here to help you navigate these changes.
Stress (Test) No More
Effective November 21, 2024
Per federal banking regulator OSFI, Canadian homeowners with uninsured mortgages will no longer need to pass a stress test when switching lenders at renewal, aligning with the exemption already in place for insured mortgages. Read on
Renew with peace of mind for you & your wallet
- More than just a low rateSay goodbye to endless negotiations. Start with the lowest rate tailored to your ideal mortgage terms—no compromises, no hassle.
- Flexible mortgages that move with youLife changes and your mortgage should, too. Enjoy rates that adjust with interest rate cuts, plus a smooth process for switching lenders—because flexibility matters.
- Expert guidance, every step of the wayWith 310+ mortgage experts across Canada, you’re never alone. We provide personalized advice to ensure your renewal fits your needs perfectly. Let us guide you from start to finish.
Mortgage Renewal Hub
Every homeowner will face mortgage renewal—so why not be ready? Our Hub has everything to expect up to your renewal date.
The how-to renew your mortgage guide
Whether you’re sticking with your lender or shopping around, our guide has the scoop to help you stay ahead.
Get the guide
The Renewal Timeline
If your mortgage is coming up for renewal, you’re not alone – nearly half of all Canadian mortgages are coming up for renewal before 2027*.
Here’s what the months leading up to your renewal will look like:
You’re Ahead of the Game
You’ve already taken a big step towards saving on your upcoming mortgage renewal.
Brace for a Payment Jump
If you secured your mortgage with ultra-low rates during the 2019-2021 housing boom, your renewal could bring a 30-40% payment increase.* But don’t worry—switching lenders could help soften the impact 😉. Try out our Payment Shock Calculator.
Receive a Renewal Offer
Expect your lender’s renewal offer at least 21 business days before your term ends.
👉 Don’t hit auto-renew
Their first offer is often not the best. Take time to shop around—there are no rate holds from your current bank until you’re within 35 days of renewal. Compare offers and discover how much you can save by switching to nesto, using our calculator. You can access nesto’s best rates once you are within 120 days of your current mortgage maturity date.
Consider an Early Renewal
Many lenders allow you to renew up to 120 days before your term ends—penalty-free. If rates are rising, locking in early might save you money. We’ve outlined all the pros & cons. Don’t make the mistake of accidentally renewing your mortgage early without considering your cost savings and shopping around for the best mortgage rate.. this could cost you!
You’re officially in prime shopping time.
This is when you can take full advantage of your options and kickstart your savings.
Compare & Customize
To ensure you’re choosing the mortgage that fits your needs, it’s essential to compare offers carefully—don’t forget to check penalty calculations and prepayment options. We’ve done the heavy lifting for you, so you can easily access the lowest rates and our advisors are here to guide you every step of the way.
Lock It In
Securing a low rate now means less worry about future rate hikes. If rates go up, you’re protected; if they go down, our rate drop policy lets you benefit from the lower rate*. Many non-bank lenders offer rate locks for 60–120 days, giving you peace of mind. At nesto, we can lock in a rate for up to 150 days from your renewal date—win-win!
You’ve got time.
With your renewal around the corner, now’s the perfect time to explore your options. Don’t settle for less when you could secure more.
Compare Rates & Offers
Now’s the time to get serious about rate shopping. Use online tools and consult with a mortgage expert to ensure you’re seeing the full picture. A low rate is just the beginning.
👉 Already talking to another lender?
Share their rate offer with us, and we’ll compare it to show you what’s really possible. You can lock in rates with multiple lenders to keep your options open.
Consider Switching Lenders
The transfer process can be simple. Switching could help you secure a better rate or more favourable terms. While there may be costs involved (depending on your mortgage type), the potential savings often outweigh them. Should I switch mortgage providers?
It’s not too late.
With 60 days to go, you still have time to take full advantage of your mortgage options and secure incredible savings.
Finalize Your Decision
By now, you should have a clear sense of whether to stay with your current lender or switch. Choose the option that offers the best rate and terms for your needs.
Start the Application Process
If you’re making the switch, now’s the time to start your application. This gives you ample time to gather documents and complete necessary steps. While switching may involve fees (such as appraisal or discharge costs), many lenders cover some of these. Plus, with potential savings of up to $12,780* in interest over the next term, it can be well worth it.
Explore our Special Offers
👉 Prime Time Mortgage Offer: Get a variable rate as low as a fixed rate for the first 6 months. Afterward, choose between fixed or variable rates—penalty-free*.
👉 Quick Close Offer: Closing within 60 days? You’re eligible for our lowest 5-year fixed rates. Don’t miss the chance to secure a fantastic deal before your renewal! See all of our special offers hereGet ready to renew.
Your renewal is just 30 days away, but there’s still time to secure the best rate and potentially save thousands. Now’s the time to act—especially since you can still transfer to a new lender, as long as you haven’t met with your notary or solicitor.
Renewal Offer
Your lender will send a renewal statement at least 21 days before your term ends, outlining your remaining balance, payment details, and rate. By now, you’ve done your research and can negotiate from a position of strength.
Transfer to a New Lender
If you decide to switch, start the application process now (at nesto this can take around 10 minutes). You’ll need to submit documents like pay stubs, T4s, and NOAs. Our experts are here to help you every step of the way.
Helpful Tools & Resources
“What will my new payment be?”
Get the guideJanuary 29, 2025 - 10 mins
Hello world!
Welcome to WordPress. This is your first post. Edit or delete it, then start writing!Read Now
Featured Product
Prime Time Mortgage
Get rate cuts before the rate cuts
How it works
- Get a variable rate priced as low as a fixed rate for the first 6 months of your loan.
- Watch your mortgage rate adjust when the Bank of Canada cuts interest rates, and see the savings in your account every month.
- Feel like it’s the right time to switch to a fixed rate? You’re free to do so at any time, penalty-free.
Happy nesto Renewers
Just a few of our clients who transferred their mortgage to nesto with the help of our experts.
Get started today
Top Renewal FAQs
How easy is it to switch mortgage providers?
In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first inquiring from your current lender about the cost of moving the mortgage elsewhere. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.
When should you start the mortgage renewal process?
You should start to think about the renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
*Comparing nesto’s January 2024 to Sept 2024 5-year fixed insured rates vs the big 6 bank posted rates approximately rounded up. Terms & conditions apply. Comparison lenders may offer unpublished special discounts. *Statistics source: CMHC. Savings calculation assumes a $500K mortgage amount, 25 year amortization, 5% down payment. *Payment shock. Nesto permits 1 rate float-down if rates drop.