At renewal you can move to a new lender with no penalty — and the new lender usually covers the transfer and legal fees. Submit your file and let specialists across Canada bid for it.
New lenders compete hard for transfer business. The discount off posted rates is usually deeper than your current bank's renewal offer.
Switching at the end of your term costs nothing in break fees. The new lender typically pays the transfer and legal costs too.
Different lenders offer different prepayment privileges, portability and re-advance options. Switching is a chance to upgrade.
At renewal, no. Most new lenders cover transfer and legal fees. Mid-term switches involve a break penalty from your current lender — BeatMyRate specialists will tell you whether the savings outweigh the penalty before you commit.
A standard switch at renewal takes about 30 days from approval to funding. Start 60–120 days before your renewal date to leave room.
Sometimes. For straight switches under 80% loan-to-value, the new lender often waives the appraisal.
Yes. Specialists from other Big 5 banks, credit unions and broker-channel lenders bid on Big 5 transfer files every day.