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You switch mortgage lenders by comparing rates, checking when your current term ends, and applying to move your mortgage, usually at renewal. Switching at renewal normally carries no penalty and can lower your rate and payment. As of 2026 you no longer need to pass the stress test to switch lenders at renewal on a straight transfer, which makes moving easier than it used to be.
Renewal is the easiest and cheapest time, because your term is ending and there is no penalty to move. You can also switch mid term, but breaking your current mortgage early usually triggers a penalty, so the savings need to outweigh it.
A straight transfer at renewal often has little or no cost, and many lenders cover the basic transfer fees. Switching mid term can mean a prepayment penalty, either three months of interest or an interest rate differential, whichever applies to your mortgage.
As of 2026, a straight switch to a new lender at renewal no longer requires passing the stress test. This change makes it much easier to move to a lower rate at renewal instead of simply accepting your current lender's offer.
Many borrowers move to credit unions, monoline lenders or B lenders for a better rate or more flexible terms. A broker checks all of these in one step, so you see the full picture before you decide.
We compare your renewal offer against the whole market and handle the paperwork if a move makes sense, in French or English, so you never have to accept the first offer by default.
Not at renewal on a straight transfer. Switching mid term usually has a penalty.
As of 2026, a straight switch at renewal no longer requires the stress test.
Begin about four months before your renewal date so there is time to compare and move.
Talk to Dean Brideau at Hypothèque Metro Mortgage, serving all of New Brunswick. Call 1.506.388.4990 or toll free 1.866.977.4990, or visit metrofinance.ca. Advice in French or English, at no cost to you.
