# How can I leverage banks using the 'straight switch' exemption?

> Initiate the Ratellow Renewal Audit 120 days pre-maturity.

Category: Renewal
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/renewal/how-can-i-leverage-banks-using-the-straight-switch-exemption

## Answer
| Step | Timing | Action |
|---|---|---|
| **1. Rate hold** | 120 days before maturity | Secure external pre-approval from monoline lender |
| **2. Competitor quote** | 90 days before | Present competing offer to current lender's retention team |
| **3. Fee waiver** | During negotiation | Request waiver for appraisal and legal discharge fees |
| **4. Final decision** | 30 days before | Accept best offer or initiate straight switch transfer |

**Negotiation Tactics:**
1. Secure external rate hold (valid 120 days).
2. Present competitor quote to retention specialist.
3. Request fee waiver for appraisal and legal discharge.

## Related guide
- https://ratellow.com/guides/negotiating-with-current-lender

## Sources
- OSFI exempts uninsured mortgage straight switches from the prescribed MQR — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
- Residential Mortgage Underwriting Practices — OSFI B-20 — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#1.0
- Mortgage Loan Insurance — CMHC — https://www.cmhc-schl.gc.ca/consumers/home-buying/mortgage-loan-insurance-for-consumers
- Renewing Your Mortgage — FCAC — https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html#toc0