Don't Sign That Renewal Letter Until You Compare It.
Your lender’s renewal offer is not automatically the best offer available to you. If your mortgage is coming up for renewal, you may have more options than your current lender is showing you.
Bank Street Mortgage compares mortgage options across 30+ lenders and helps Ottawa homeowners determine whether a straight transfer, refinance or staying with the current lender makes the most sense.
We’ll review your current rate, mortgage balance, renewal date and goals, then show you what your alternatives look like. And if staying where you are is the better move, we’ll tell you.
Get in Touch
Give a message to get the best deal
When Does Your Current Mortgage Term End?
If your renewal is within the next 90–120 days, this is a good time to compare your options. The earlier you review the mortgage, the more time there is to assess lenders and structure the next term.
Within 30 days
1–4 months
4–6 months
6–12 months
Already renewed
The Rule That Used to Make Switching Harder Changed in 2024.
For qualifying straight switches of uninsured mortgages at renewal, OSFI removed the requirement to apply the mortgage stress test to the transfer to a new lender effective November 21, 2024.
In practical terms, a qualifying straight switch can allow a homeowner to move the existing mortgage to a new lender without adding new borrowing, while avoiding the previous stress-test requirement.
01
The mortgage balance remains essentially the same.
02
The remaining amortisation stays the same.
03
No new money is advanced.
04
The mortgage moves to a new lender at renewal.
Important
A refinance is different. If you increase the mortgage, change the amortisation or take additional funds, different qualification rules can apply.
Why Bank Street Mortgage
Your Renewal Offer Is Convenient. That Doesn't Make It Competitive.
Your current lender already has your mortgage. They know you have a balance with them, they know your payment history, and they know that many homeowners simply sign the renewal letter and move on.
That’s exactly why comparing matters.
A difference of even a fraction of a percentage point can affect your monthly payment and the amount of interest you pay over the next term.
Your Current Offer
Compare the rate your lender offered.
Market Options
See what other lenders may offer.
Monthly Payment
Understand the potential difference.
Interest Cost
See what the rate could mean over your term.
No Pressure
You don't have to switch.
Know Before You Sign
Make the decision with the full picture.
First, Make Sure You're Solving the Right Problem.
Many homeowners think they need a refinance when what they really want is a transfer.
No. 01
Straight Switch
Move your existing mortgage to another lender.
No. 02
Refinance
Restructure your mortgage or access additional funds.
No. 03
Transfer
Mortgage balance generally stays the same.
No. 04
Choose What Fits
We help determine which option fits your goals.
A Mortgage Switch May Be Worth Looking At If…
Your renewal rate looks uncompetitive
Your term ends within six months
You've never compared your renewal offer
You want better repayment flexibility
Your financial situation has improved
You're currently with a B lender or private lender
You're unhappy with your current lender
You want to understand your options before deciding
Coming Off a B Lender or Private Mortgage? Your Renewal Can Be Your Exit.
If you originally used an alternative or private mortgage because your circumstances did not fit conventional lending, the goal may have been to get back to a mainstream lender when your financial position improved.
At renewal, we can review what has changed since you took the mortgage — including payment history, credit recovery, income stability and equity — and determine whether an A-lender transition is now realistic.
WE REVIEW
Payment history
WE REVIEW
Credit recovery
WE REVIEW
Income stability
WE REVIEW
Equity
If you’re ready to move, we’ll help identify suitable lenders. If you’re not ready yet, we’ll tell you what needs to improve.
Don't Let Your Current Lender Be the Only Option You Compare.
30+ Lender Access
We compare options across banks, credit unions and alternative lenders.*
15+ Years in Ottawa
More than 15 years helping Ottawa homeowners.
Local Expertise
We understand the Ottawa market.
One Point of Contact
We handle lender communication and paperwork.
No-Pressure Advice
If staying is better, we'll tell you.
Switching Your Mortgage Doesn't Have to Become Another Project.
01
Send Us Your Renewal Details
Give us your renewal date, approximate mortgage balance, current rate and lender.
02
We Review Your Situation
We determine whether you're looking at a straight switch, refinance or another option.
03
We Compare
Lenders
We compare available rates, terms and overall structure.
04
You See the
Difference
We explain the options, trade-offs, costs and potential savings.
05
We Handle the
Transfer
We coordinate the application, paperwork and closing process.
Don't Guess Whether Your Renewal Is a Good Deal. Compare It.
Your current lender’s offer should be the starting point — not automatically the final decision.
Current Rate
vs. available rate options
Payment Difference
Estimated monthly payment difference
Potential Savings
Potential interest savings over the term
Mortgage Terms
Prepayment flexibility and terms
Transfer Costs
Costs or lender incentives where applicable
Stay or Switch
Whether staying may actually be better
What Is Your Current Lender Offering You?
Send us your renewal date, mortgage balance and current rate. We’ll review the situation and help you understand whether there is a better option available.
Still Unsure About Switching?
“I don't want the hassle of switching.”
“My lender already gave me a renewal offer.”
“Will switching hurt my credit?”
“Will I have to pay a penalty?”
“What if I don't qualify with another lender?”
Then you stay where you are. If staying is better, we’ll tell you.
Real Homeowners. Real Mortgage Decisions.
“We received our renewal offer and assumed we had to accept it. Bank Street Mortgage compared the options, explained the difference and handled the switch for us.”
Client Name
Ottawa, ON
FAQ
Frequently Asked Questions
Can I transfer my mortgage before renewal?
Will transferring my mortgage really save me money?
Do I need a mortgage broker to transfer my mortgage?
How long does it take to transfer a mortgage in Ottawa?
Timing varies by lender, mortgage type, documentation and whether the transaction is a straight switch or refinance. Starting the review 90–120 days before renewal gives you more time to compare and complete the process.
Are there penalties or fees when transferring my mortgage?
Potential costs depend on whether you are switching at renewal or breaking the mortgage early. There may also be legal, appraisal or other transaction costs depending on the lender and structure. We review these before you commit.
Who benefits most from transferring their mortgage?
What makes Bank Street Mortgage a good choice for mortgage transfers in Ottawa?
Should I refinance or transfer my mortgage?
A transfer generally moves the existing mortgage to another lender without materially changing the balance or remaining amortisation. A refinance can change the mortgage amount or structure and may be used to access equity, consolidate debt or meet another financial objective. We can help determine which fits your situation.
Before You Sign Your Renewal, See What Else Is Available.
Your renewal is a decision — not a formality. Before you sign, take a few minutes to compare your current offer with other options.
Bank Street Mortgage will review your mortgage, compare suitable lenders and explain the difference clearly.
Bank Street Mortgage | 15+ Years in Ottawa | FSRA Brokerage Licence #10176
