Mortgage Renewal
Mortgage Renewal in Winnipeg
Your mortgage renewal is the single biggest opportunity to lower your interest cost. Don’t sign your bank’s renewal letter without shopping the market first.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
Five highlights of mortgage renewal in Winnipeg.
60% of Canadians auto-sign their renewal letter
and pay a rate 0.25-0.75% higher than they should. That’s $10,000-$30,000 lost on an average mortgage.
We start 120 days out
federal rules give you a 120-day rate hold when we shop early. Rates can only go down for you, never up.
Full switch service
if your current lender’s renewal offer isn’t the best, we move you at no cost. Discharge, appraisal, and legal work handled.
No penalty at renewal
refinancing mid-term costs you a penalty; renewing does not. This is your free window to switch.
Debt consolidation option
if you’ve accumulated credit card debt during your term, we can roll it into the renewed mortgage.
Why Not Just Sign Your Bank’s Renewal Letter?
Your bank knows most people won’t shop. Their renewal letter typically quotes their posted rate — the highest rate they publish — with a small “discount” that still leaves them 0.25-0.75% above what they’d offer a new customer walking in.
Our job at renewal is simple: get you the rate a new customer would get. Sometimes that means staying with your current lender at a negotiated rate. Sometimes it means switching. Either way, you get the market’s best offer instead of the letter’s default.
Signs You Need a Renewal Broker
You got a renewal letter in the mail
Bring it to us. We’ll benchmark it against 40+ lenders in one hour.
You’re within 120 days of your maturity date
federal rate-hold rules kick in. We lock the current rate for you while we shop.
You’re carrying credit card debt or a line of credit balance
Renewal is the free moment to consolidate.
Your income or property value has changed materially
New qualifying tiers may open up at other lenders.
Your current lender is one of the big five banks
Broker-channel and credit union rates almost always beat their renewal offers.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our Renewal Process
Bring the letter
or tell us your maturity date; we time everything around it.
Benchmark
we quote the same term from Cambrian, Assiniboine, RBC, TD, First National, MCAP, and 35+ other lenders.
Negotiate with your current lender
we send them the best competing offer; they usually match or come close.
Decide
stay (rate matched) or switch (no cost, we handle discharge + legal).
Sign + confirm
new term starts on your maturity date; no lapse, no penalty.
Frequently asked questions about mortgage renewal.
Still wondering about something? A quick, no-pressure call clears it up fastest.
A mortgage renewal is the moment your current mortgage term ends and you sign a new term with your lender — typically every 3 or 5 years in Canada. Your amortization keeps running, but your interest rate, term length, and lender can all change. Renewal is the free window to switch lenders without a prepayment penalty.
You should start your mortgage renewal in Winnipeg 120 days before your maturity date. This is the earliest point most lenders will hold a new rate for you, and it gives you time to shop competing lenders, gather documents, and complete any switch paperwork without last-minute pressure.
No, you do not have to renew with your current lender. Your mortgage automatically matures at the end of your term, and you can move to any lender who approves your file — with no prepayment penalty. Many broker-channel and credit union lenders offer switch bonuses that cover appraisal and legal costs.
A mortgage broker can typically save you 0.25% to 0.75% off your current lender’s renewal offer at renewal. On a $400,000 mortgage, that’s between $12,000 and $37,000 in interest savings over a 5-year term. The savings are highest for clients with big five bank mortgages.
Yes, you can consolidate debt at mortgage renewal without paying a prepayment penalty. Renewal is a natural refinance window — we can roll credit card balances, unsecured lines of credit, or car loans into the new mortgage principal at your new mortgage rate, provided you have sufficient home equity.
If you don’t sign your mortgage renewal, most lenders roll your mortgage into an open, variable-rate “collapsed” arrangement at their posted variable rate — usually higher than fixed alternatives. Some lenders convert to a short 6-month closed term. Either way, this default is worse than actively renewing, so always sign something.
Let’s talk about your mortgage renewal.
Free consultation with a licensed Manitoba mortgage broker — no pressure, no cost.