Mortgage Renewal in Calgary, AB
A mortgage renewal in Calgary is the one time in your term you can move lenders without paying a penalty, which makes the letter from your bank the start of a comparison. When a Mahogany or Seton new build was financed through the builder's suggested lender, the first renewal is the first chance to shop that mortgage. We compare your renewal across the lenders we work with, and in most cases the lender pays us, so you don't pay for the help.
Is it harder to get approved by a new lender at renewal?
A straight switch keeps the same balance and amortization, and in that case a federally regulated lender won't ask you to pass the stress test again. That rule has covered uninsured mortgages since November 21, 2024, and insured mortgages have similar relief. You'll still show your income and the new lender will pull your credit. Alberta has no land transfer tax, so the main government cost of a switch is the Land Titles fee to register the new mortgage, which works out to about $550 on a $500,000 mortgage. Up to $3,000 can be added to the balance for fees like that one.
Can I renew years before my term ends?
Most lenders only offer a penalty-free renewal in the last few months of the term. Going earlier usually means breaking the mortgage, and the penalty depends on your lender and the type of term you're in, so ask for the exact figure in writing. We'll weigh that cost against what you'd save over the new term and tell you whether waiting comes out ahead.
Can my amortization go back to 30 years or down to 25?
Shortening it is usually easy, and going from 27 years to 25 can cut the interest you pay. Stretching it back to 30 adds time to the mortgage, so a switch would no longer count as straight and you'd qualify at the greater of your contract rate plus 2% or 5.25%. If you need a lower payment, we'll show you both versions side by side. If equity is part of the plan, our Calgary refinance page explains the 80% limit, and our page on bridge financing in Calgary covers selling and buying at the same time.
Get a second opinion on your Calgary renewal
Book a free call and bring your renewal statement, and we'll compare it with the lenders we work with. If you switch, we send you 14 milestone updates from application to funding, so you'll know where the file stands at each step.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc. (operating as BRX Mortgage), licensed by the Real Estate Council of Alberta to deal in mortgages.
Frequently asked questions
Does my bank check my credit again when I renew?
Your bank may renew you without a new credit check. A new lender will check it, so let us know early about any change at work or a new debt.
When will my renewal letter arrive?
A federally regulated lender, such as a bank, has to send it at least 21 days before the term ends. Alberta credit unions follow provincial rules, so their timing can differ. We'd start comparing about 4 months before your date so the offers are ready when the letter comes.