Switching carries no prepayment penalty right now
At renewal you can move to another lender with no prepayment penalty. That window closes once you sign, and it does not come back until the end of the next term.
ADMortgages
Renewal letter in hand?
Your renewal offer is one lender rate, not the market
Your renewal letter is one lender's number, worth checking before you sign. Aly compares over 50 lenders against it first, and at renewal you can move without paying a penalty.
You'll be speaking with Aly Thanks, you're all set. ADMortgages gets back to you directly to set things up.
Prefer to talk? Call (416) 897-2387.
Licensed in Ontario, normally one credit check covers the search · Access to over 50 lenders · No cost to talk, no obligation
Aly compares options across over 50 lenders, from the big banks to regional and alternative lenders, at no cost to talk and no obligation. Serving Markham, Richmond Hill, Stouffville, Aurora, Newmarket, Ajax, Pickering, Oshawa and Whitby.
Most people call once the renewal letter arrives, unsure whether a second look is even worth it. Usually it is. When it is not, Aly says so.
He compares what other lenders would offer on your numbers and reads the fine print beside the letter, so you decide on a comparison rather than a single offer.
Renewal is the one moment you can move without a prepayment penalty
It is also the moment most people spend the least time on. Here is what is actually on the table.
The rate is only half of it
Renewal is when you can change your amortization, switch between fixed and variable, or fold other debt in. A rate-only comparison misses most of what you can actually adjust.
One credit check covers the search
Aly shops your file across lenders on a single credit pull, so comparing does not cost you anything on your credit report.
What we offer
- Mortgage renewals and switches
- First-time home buyers
- Refinancing and equity take-out
- Debt consolidation
- Self-employed and business-for-self
- New to Canada
Frequently asked questions
Does switching lenders at renewal cost me a penalty?
No. A prepayment penalty applies when you break a term early. At the end of your term you can move to a different lender without one, though the new lender still has to approve your application.
How late can I start?
Most lenders will look at a renewal a few months out, and starting earlier gives you room to compare properly. If your date is close, it is still worth a call before you sign anything.
Will comparing hurt my credit score?
Aly works from one credit check and presents your file to lenders from it, rather than each lender pulling separately.
Request a callback
Leave your details and ADMortgages gets back to you directly to set up a time that works for you.