Direct answer
A mortgage renewal usually happens at maturity, a transfer moves the mortgage to another lender with similar borrowing, and a refinance changes the mortgage amount or structure. Toronto and Ontario borrowers should compare rate, penalty, fees, amortization, payment flexibility, prepayment privileges, restrictions and whether the new lender must fully re-underwrite the file.
Comparison table
| Option | Typical use | Key questions |
|---|---|---|
| Renewal | Continue with the current lender or accept a new term at maturity. | Is the offer competitive? Are there restrictions or better alternatives? |
| Transfer or switch | Move to another lender, often at maturity, without increasing borrowing. | Are legal/appraisal costs covered? Will the new lender approve the file? |
| Refinance | Access equity, consolidate debt, change amortization or restructure borrowing. | What is the total cost after penalties, fees and longer amortization? |
What to collect before review
- Current mortgage statement, maturity date and lender offer.
- Property address, estimated value and property tax details.
- Income documents and current debts.
- Purpose of any additional funds if refinancing.
- Penalty estimate if breaking the term before maturity.
How Fast Approve compares options
James Wang reviews the existing mortgage, borrower goals, documents and possible lender requirements. The comparison focuses on total cost and flexibility, not only the advertised rate.
Compliance note: Any renewal, transfer or refinance is subject to lender review, borrower eligibility, property eligibility and final documentation.
Sources
- Financial Consumer Agency of Canada: Renewing your mortgage
- Financial Consumer Agency of Canada: Breaking your mortgage contract
James Wang
Mortgage Broker · Fast Approve Financial Inc.
Updated September 21, 2026