Approval
The new lender has to approve your application and may use different criteria from your original lender.
Work out your renewal payment →
Costs
FCAC names setup fees with the new lender, which may include discharge, registration, transfer or assignment fees, an appraisal fee if needed, and other administration fees. You can ask the new lender whether it will pay some or all of them.
Mortgage loan insurance
A new premium can apply if the loan amount increases or you extend the amortization. Telling the new lender about existing insurance may avoid paying twice.
Collateral charge
If your mortgage is registered with a collateral charge, removing it can cost fees, and every loan secured by that charge has to be repaid or moved.
Qualifying rate
Since November 21, 2024, OSFI no longer prescribes its minimum qualifying rate for an uninsured straight switch: an existing stand-alone uninsured mortgage moved between federally regulated institutions with no increase in amortization or loan amount. For other uninsured mortgages OSFI's rate is the greater of the contract rate plus 2% or 5.25%.
Putting numbers on it
Enter the other rate and the moving costs in the calculator. It shows the payment, the interest over the term and how long the payment gap takes to cover the costs.