Neha Joneja, Mortgage Agent Level 2 in Brampton, helps homeowners decide whether to renew with their current lender or switch to a new one when their mortgage term ends. She reviews your renewal offer, compares it with other lenders, and explains the stress test, costs and timing in English, Hindi or Punjabi.
- 4.8 on Google (18 reviews)
- FSRA-licensed brokerage #13812
- English · हिन्दी · ਪੰਜਾਬੀ
- Women-owned
- Mortgage RenewalsDon't auto-sign your renewal letter. Compare offers early, hold a rate and plan for any change in your payment.
- Mortgage Transfers / Switching LendersMove your mortgage to a better lender at renewal, often without the stress test, once fees and penalties are checked.
Should you renew with your lender or switch?
Your lender’s renewal letter is an offer, not a requirement. You can accept it, negotiate it, or move your mortgage to another lender when the term ends without paying a prepayment penalty.
A mortgage renewal in Brampton is the simpler path if your lender’s offer is competitive and you’re happy with features like prepayment privileges. A switch to a new mortgage lender in Ontario makes sense when another lender offers better terms for the same mortgage, or when you want features your current lender doesn’t offer.
Do you have to pass the stress test again to switch?
Usually not, if it’s a straight switch. A straight switch moves the same balance and the same remaining amortization (the years left to pay off the mortgage) to a new lender. For uninsured mortgages, OSFI doesn’t require re-qualifying at the stress-test rate in that case, and since November 2024 the same applies to insured mortgages.
The stress test is the qualifying rate lenders use to check you could handle higher payments: the greater of your contract rate plus 2% or 5.25%. It still applies if you add money or extend your amortization, because that turns the switch into a refinance. If that’s your plan, compare options on the refinance and home equity page.
When should you start comparing?
Start a few months before your maturity date, not the week your renewal letter arrives. That gives Neha time to request your current lender’s offer, shop other lenders and collect updated income documents if a new lender needs them.
Starting early matters more if anything has changed since your last approval. A new job, self-employment, a separation or a missed payment can all affect which lenders will take the mortgage, and adding or removing a co-owner is treated as a new application.
Approval subject to lender criteria (O.A.C.). Rates subject to change. Examples are for illustration only.
If you’d rather go through your renewal letter in your own language, Neha explains every line in Punjabi and Hindi. You can also book a consultation online or at the Hurontario St office.
Frequently asked questions
When should I start looking at my mortgage renewal?
A few months before your term ends. Many lenders let you lock in an offer ahead of time, and starting early leaves room to compare without pressure.
Is it a mistake to sign my bank’s renewal letter?
Not necessarily, but signing without comparing means you may miss a better offer. A quick comparison shows whether the letter is competitive.
Can I add money to my mortgage when I switch lenders?
Yes, but then it’s treated as a refinance rather than a straight switch. You’d need to qualify at the stress-test rate and stay within 80% of your home’s value.
What if my income has dropped since I got my mortgage?
A straight switch usually doesn’t require re-qualifying at the stress-test rate, but the new lender still reviews your file. If a switch isn’t possible, Neha can still help you weigh your current lender’s offer and decide which term and features to ask for.
Are there costs to switching lenders at renewal?
There can be legal, appraisal or discharge fees. Some lenders cover part of these costs, so Neha compares the full picture, not just the rate.
Sources
Last reviewed by Neha Joneja, Mortgage Agent Level 2, November 2026. General information only, not financial advice for your situation.