Your bank's renewal letter is their opening offer — not a market check. Enter the rate they offered you, then a rate to compare it against, and see the difference in real dollars: per month, and in interest over the whole term.
| Option | Rate | Interest over term | Balance at end of term |
|---|
Illustration only — not a rate quote or an offer. Both options are calculated on the balance and remaining amortization you entered, using the standard Canadian mortgage formula (nominal rate compounded semi-annually), and assume the rate stays fixed for the full term. The comparison rate is one you enter — for a live market rate on your actual file, ask us and we'll shop across lenders. Good to know: since November 21, 2024, an uninsured mortgage moved to a new lender in a straight switch (same balance, same amortization) does not have to pass the stress test again (OSFI) — so comparing offers costs you nothing but a conversation.
Posted rates are a starting point. Rates are sometimes negotiable, and we work with multiple lenders with different and sometimes more competitive products. Contact us and we'll shop across lenders for you.
Prefer to talk? Call Travis Bannert at 780-720-8240.