RENEWAL
Switch to a better mortgage, on your terms
Transfer your mortgage to nesto to unlock flexible mortgage options & rates lower than your bank.
15% lower rates than banks, no haggling required*
Flexible payment options for your needs
Speak to a mortgage expert now
1-866-656-7354
Switch to savings with nesto.
Renewal is the perfect opportunity to renegotiate your rate & terms. But your bank is banking on you automatically renewing with them. Why settle for their renewal offer when you could do so much better? Here’s what they don’t want you to know:
66%
of Canadians hit auto-renew with their banks*
15%
lower renewal rates at nesto vs the big banks*
$12,780
saved on interest (in your next term) when you switch to nesto*
Skip the rate shopping. Get the lowest renewal rate right from the start.
New rules, new opportunities
The federal government has recently rolled out key changes that could affect your financial plans. We’re here to help you navigate these changes.
Stress (Test) No More
Effective November 21, 2024
Per federal banking regulator OSFI, Canadian homeowners with uninsured mortgages will no longer need to pass a stress test when switching lenders at renewal, aligning with the exemption already in place for insured mortgages. Read on
More than just a low rate
Say goodbye to endless negotiations. Start with the lowest rate tailored to your ideal mortgage terms—no compromises, no hassle.
Flexible mortgages that move with you
Life changes and your mortgage should, too. Enjoy rates that adjust with interest rate cuts, plus a smooth process for switching lenders—because flexibility matters.
Expert guidance, every step of the way
With 310+ mortgage experts across Canada, you’re never alone. We provide personalized advice to ensure your renewal fits your needs perfectly. Let us guide you from start to finish.
Top Renewal FAQs
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How easy is it to switch mortgage providers?
In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first inquiring from your current lender about the cost of moving the mortgage elsewhere. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.
When should you start the mortgage renewal process?
You should start to think about the renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
*Comparing nesto’s January 2024 to Sept 2024 5-year fixed insured rates vs the big 6 bank posted rates approximately rounded up. Terms & conditions apply. Comparison lenders may offer unpublished special discounts. *Statistics source: CMHC. Savings calculation assumes a $500K mortgage amount, 25 year amortization, 5% down payment. *Payment shock. Nesto permits 1 rate float-down if rates drop.
Top Renewal FAQs
How easy is it to switch mortgage providers?
In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first inquiring from your current lender about the cost of moving the mortgage elsewhere. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.
When should you start the mortgage renewal process?
You should start to think about the renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
*Comparing nesto’s January 2024 to Sept 2024 5-year fixed insured rates vs the big 6 bank posted rates approximately rounded up. Terms & conditions apply. Comparison lenders may offer unpublished special discounts. *Statistics source: CMHC. Savings calculation assumes a $500K mortgage amount, 25 year amortization, 5% down payment. *Payment shock. Nesto permits 1 rate float-down if rates drop.
Mortgage Renewal Hub
Every homeowner will face mortgage renewal—so why not be ready? Our Hub has everything to expect up to your renewal date.
The how-to renew your mortgage guide
Whether you’re sticking with your lender or shopping around, our guide has the scoop to help you stay ahead.
Top Renewal FAQs
How easy is it to switch mortgage providers?
In simple perspectives, home buyers are free to change their mortgage companies at any point before the service begins. Although it gets a little more complicated when the mortgage servicing or repayment begins, Canadian borrowers can still switch mortgage lenders if perhaps you were able to shop around for lower interest rate lenders. Also, once your mortgage term is up, you can decide to transfer your mortgage to another bank with lower rates. This is done by first inquiring from your current lender about the cost of moving the mortgage elsewhere. Because a mortgage is a binding contract, you may also need to pay your current lender if you want to do a mortgage transfer to another bank prematurely.
When should you start the mortgage renewal process?
You should start to think about the renewal process at least 120 days before your current term ends. This gives you enough time to assess your financial situation, compare offers from different lenders, and negotiate the best rate and terms for your next term.
Should I change the amortization period on my renewal?
If you want to shorten or lengthen the amortization period of your loan, you can do so when renewing your mortgage. Yes, a shorter amortization period means you’ll be paying more every week or month. But you’ve got a good chance of getting a better interest rate, and you’ll definitely be paying off your mortgage much faster.
*Comparing nesto’s January 2024 to Sept 2024 5-year fixed insured rates vs the big 6 bank posted rates approximately rounded up. Terms & conditions apply. Comparison lenders may offer unpublished special discounts. *Statistics source: CMHC. Savings calculation assumes a $500K mortgage amount, 25 year amortization, 5% down payment. *Payment shock. Nesto permits 1 rate float-down if rates drop.
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