Switch Your Mortgage and Save
Don’t just sign your renewal—discover what the broader market can offer you
When your mortgage term nears its maturity date, your current lender will mail you a standard renewal offer. For many homeowners, signing this document and sending it back seems like the easiest path. However, doing this without shopping around often means paying a convenience premium. Lenders frequently reserve their most competitive rates for acquiring new clients, banking on the fact that existing clients won’t take the time to explore other options.
At Trusterra Mortgage, we make switching lenders transparent, and highly rewarding. If interest rates have shifted or another lender is offering a more competitive product, we can transfer your existing mortgage balance to a new institution. In many cases, we can secure a lower interest rate at times even zero cost to you, helping you keep more of your hard-earned money.
The Mechanics of a Mortgage Switch
Understanding the difference between a mortgage switch (or transfer) and a mortgage refinance is key to choosing the right path for your finances.
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A Straight Switch (Transfer) – This involves moving your exact remaining principal balance and amortization timeline to a new lender to secure a lower interest rate. Because you are not borrowing additional money, most Canadian lenders will fully cover the appraisal and legal costs to win your business. Your out-of-pocket setup cost is typically $0.
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A Mortgage Refinance – This involves breaking your current mortgage agreement to borrow extra money against your home’s equity, consolidate high-interest debt, or extend your amortization. Because this alters the legal structure of your loan, it requires a new appraisal and legal registration, which involve standard administrative fees.
When is the Best Time to Switch?
The ideal window to start planning your switch is 120 days (4 months) before your current mortgage matures.
Starting the process during this window gives you a major strategic advantage:
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Complimentary Rate Holds – We can lock in a competitive rate with a new lender up to 120 days before your renewal date. If market rates go up during those four months, your lower rate is completely protected. If rates go down, we can secure the lower rate for you on closing day.
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Zero Prepayment Penalties – By timing the transfer of your mortgage to close on the exact day your current term matures, you avoid paying any early exit or prepayment penalties to your current lender.
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Time to Prepare – It gives us plenty of time to review your property tax statements, current mortgage documents, and income verification without any last-minute stress or rushing.
Why Coordinate Your Switch with an Independent Broker?
You don’t need to spend your valuable time calling different banks, waiting on hold, or negotiating rates. We act as your dedicated personal advocate to handle the transition from start to finish:
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A Single Credit Inquiry – We pull your credit bureau file once and use it to shop your mortgage across dozens of Canada’s top banks, credit unions, and alternative lenders, protecting your credit score from multiple hits.
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Access to Wholesale Rates – Because we work with dozens of Canadian lenders, we have access to broker-channel rates and options you won’t find at your local bank branch—helping us find highly competitive solutions for your unique situation.
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End-to-End Coordination – We manage the paperwork, communicate directly with both your old and new lenders, and coordinate the transfer details so you don’t have to stress about the logistics.
Analyze Your Renewal Offer Today
Before you sign that automatic renewal form just to get it over with, let’s take a quick look at the numbers together. We’ll do a free double-check of your bank’s offer alongside options from dozens of other Canadian lenders to see if we can find a better rate—making sure you aren’t leaving money on the table and keeping more of your hard-earned money in your pocket.
*NOTICE – The switch mortgage is per the qualifying guidelines of the lending institution, and subject to change without notice.