Banks send renewal letters at posted rates because most homeowners just sign. Upload yours and specialists from Canada's Big 5 banks, credit unions and independent brokers will compete for your renewal within 48 hours.
Renewal letters quote posted rates, not discounted ones. The discount only appears if you negotiate — or shop.
Letters arrive close to the renewal date. The bank is hoping you sign before you have time to compare.
At renewal you can move to a new lender with no break fee. Transfer and legal costs are usually covered by the new lender.
Our system reads it instantly. Add a few details about your home and income. About 4 minutes.
Mobile mortgage specialists, credit unions and brokers across Canada submit competing rates on your file.
Compare bids on a live board. Pay only if a bid beats your bank's offer. Connect directly with your specialist.
Start 120 days before your renewal date. Most lenders will hold a rate for up to 120 days, giving you time to compare offers without pressure.
No. You can switch lenders at renewal with no penalty. The new lender typically covers transfer and legal fees.
Most BeatMyRate clients save 0.30% to 0.75% off their bank's renewal offer. On a $500,000 mortgage that's $1,500 to $4,000 per year.
No. Specialists bid based on the file you submit. A credit pull only happens once you pick a specialist and formally apply.