# What are the costs of switching mortgage lenders at renewal in Canada?

> Switching lenders at renewal in Canada typically costs $0–$1,500 for standard switches, covering discharge fees ($200–$350) and registration fees ($70–$150). Many lenders absorb these costs to win your business.

Category: Renewal
Last verified: 2026-04-19
Source: https://ratellow.com/faqs/renewal/mortgage-switching-costs-at-renewal

## Answer
Switching mortgage lenders at renewal in Canada involves several potential costs: (1) Discharge fee: your existing lender charges $200–$350 to discharge your mortgage from title. Some lenders waive this at maturity. (2) Legal/registration fee: the new lender's lawyer registers the new charge, costing $600–$1,500 — but most lenders offer a 'collateral charge transfer' (for standard charges) or pay a flat fee to a network lawyer. (3) Title insurance: some lenders require updated title insurance (~$150–$300). The critical distinction: a standard charge mortgage can be transferred between lenders with minimal cost ($200–$500 total, often absorbed by the new lender). A collateral charge mortgage (used by TD, Scotiabank, National Bank, and some credit unions) cannot be directly transferred — you must discharge and re-register, costing $1,000–$2,500. This 'switching penalty' is a key reason collateral charge mortgages reduce lender competition at renewal. Most borrowers with a standard charge mortgage can switch lenders for free or near-free at renewal — the new lender typically offers a 'cash-back' or fee absorption of $500–$1,000 to cover costs.

## Institutional highlights
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## Related guide
- https://ratellow.com/guides/renewal-switch-process

## Sources
- FCAC Mortgage Renewal Guide — https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renew-mortgage.html