Many borrowers can now compare renewal offers more aggressively because eligible uninsured straight switches are not subject to the same federal mortgage stress-test hurdle. The rate still needs to be worth the switching friction.
Already received a renewal offer from your lender?
Check the rate against current Canadian mortgage benchmarks before you sign. FairRate is paid by you, not by lenders, and does not sell your information to brokers.
Most borrowers compare only after they have already signed. Free check first; paid report options after the check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
For an eligible uninsured straight switch, the borrower generally does not need to qualify under the federal Minimum Qualifying Rate simply to move the mortgage to another lender at renewal. That does not mean approval is automatic, and it does not remove every cost or underwriting check.
| Scenario | Likely treatment | FairRate action |
|---|---|---|
| Same balance, same amortization, new lender at renewal | Potential straight switch | Compare the rate gap and switching costs. |
| Borrowing more money at renewal | Refinance or new money | Expect more qualification friction and document review. |
| Extending amortization to lower payment | Material structure change | Compare affordability relief against added interest cost. |
| Collateral charge mortgage | May involve extra registration work | Check discharge and legal costs before switching. |
When switching is easier, your current lender has less reason to assume you will accept the first renewal letter. A documented competing rate can be used as a counteroffer, especially when the difference is large enough to matter over the full term.
Use FairRate to turn the rate difference into a dollar estimate before you call. The stronger your math, the easier it is to ask for a specific rate instead of simply asking whether the bank can “do better.”
Estimate the dollar cost of your renewal rate gap before signing.
Check whether your registration type could make switching more expensive.
Core renewal checklist, negotiation steps, and switching considerations.
Compare your offer with current benchmark context before calling your lender.
For many uninsured straight switches, the federal stress-test requirement was removed when the borrower switches lenders at renewal without increasing the loan amount or changing the amortization schedule. Lenders can still complete normal underwriting and documentation checks.
A straight switch generally means moving the mortgage to a new lender at renewal without borrowing more money, extending amortization, or materially changing the loan structure.
No. It only removes one qualifying hurdle for eligible straight switches. The new lender may still review credit, property, income documentation, title, insurance, and internal lending rules.
Not automatically. Compare the rate savings with switching costs, collateral-charge costs, legal or appraisal requirements, prepayment privileges, and penalty wording before accepting a new commitment.