Renewal and switch checker

Renew, switch lenders, or switch and borrow more: payment, interest over the term, and whether each path needs the stress test.

Your mortgage at renewal
The offers
Legal, appraisal, discharge fee. Many lenders cover some; ask.
If you change the loan
Refinance room to 80% of value: $140,000
Household (for the requalification check)
A straight switch saves$5,909interest over the 5-year term. No stress test for a straight switch: same balance, same amortization.
Three ways through renewal
PathPaymentInterest over termStress test?
Renew with your lender
4.88% · $420,000 · 20 yrs
$2,733$93,416No
Straight switch
4.58% · $420,000 · 20 yrs
$2,666$87,507No
If you ever had to requalifyAt 6.58% your ratios would be GDS 45.2% and TDS 50.3%: you'd fail, which is exactly the case the switch exemption was written for.

Estimate, not advice. Educational estimate only, not financial, mortgage, tax or legal advice. Lenders, insurers and governments set their own rules and can change them; confirm with a licensed professional before you decide.

Straight switch saves $5,909 over the term with no stress test.

Assumptions & sources

Assumptions

  • Renewal with your current lender: no stress test (a renewal isn't new lending).
  • Straight switch to a new lender at renewal, same balance and amortization: no stress test for uninsured loans moving to a federally regulated lender (OSFI, from 2024-11-21) or for insured loans (Canadian Mortgage Charter, 2023-11-21; low-ratio insured in regulation from 2024-12-16). Quebec caisses (AMF) and some provincial credit unions have no such exemption.
  • Adding money or years is new lending: you requalify at max(rate + 2, 5.25%). Uninsured refinances are capped at 80% of the home's value; insured mortgages can't be refinanced with more money and stay insured.
  • Interest over the term: monthly payments, semi-annual compounding, no prepayments. Penalties don't apply at maturity.

Sources

  1. OSFI — OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits (effective November 21, 2024). Checked .
  2. Department of Finance Canada — Boldest mortgage reforms in decades (insured switches at renewal, September 2024) (effective September 16, 2024). Checked .
  3. OSFI — Minimum qualifying rate for uninsured mortgages (effective January 29, 2026). Checked .
  4. OSFI — Guideline B-20: Residential mortgage underwriting practices and procedures (effective January 1, 2018). Checked .
  5. CMHC — Calculating GDS / TDS. Checked .
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