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Don't auto-sign your bank's renewal letter. Grade your lender's offer in 10 seconds, see your exact 5-year interest penalty, and find out if an independent broker can beat it.
Auto-signing this letter will cost you ~$7,992 in extra interest compared to top broker wholesale options.
Independent Canadian brokers have access to non-bank wholesale rates and volume discounts that retail branches can't match. No commitment, zero credit impact.
Under Canadian federal law (the Interest Act), fixed-rate mortgages in Canada compound semi-annually, not monthly. Our diagnostic calculates effective monthly periodic rates precisely in accordance with Canadian Bank of Canada and OSFI conventions.
Canadian Big 5 banks rely on borrower inertia. Over 60% of Canadian homeowners simply sign and return their renewal letter without shopping around, allowing lenders to charge 0.30% to 0.75% above competitive broker wholesale rates.