In 2025, approximately 1.2 million fixed-rate mortgages, representing over $300 billion, will be up for renewal.
If you are one of those 1.2 million people who are renewing a mortgage this year, here's some information that may be useful.
You can now switch lenders at renewal without jumping through the stress test* hoops. That means more freedom to shop for lower rates, better pre-payment options, or even a HELOC.
What does this change mean for you?
• No new stress test when switching lenders
• More options to find the deal that fits your wallet
I know all this lender talk can seem overwhelming, but that’s why I’m here. If you’re wondering what this could mean for your situation, give me a call at 416‑467‑8627.
And if you’ve got friends who feel stuck with their lenders, share this email with them!
* The stress test applies a higher rate to your mortgage qualification calculation. This was put in place to ensure home buyers could manage payments if interest rates rise. ie: if the posted rate for a 5 year mortgage is 4.35 % you would need to qualify at 6.35%
🔄 Renewing soon? Don’t let your lender lock you in. Let’s explore better rates and terms—without the stress. Call me at 416-467-8627 and I’ll help you make the best move for your mortgage. And if you’re thinking about upgrading, I’ll also show you off-market listings that fit your budget!