What exactly is a 'straight switch' mortgage renewal, and how does it impact you?
Key Points
A 'straight switch' means moving your current uninsured mortgage to a new lender without changing the amount you borrow or how long you have to pay it back.
This option is only available if you have an uninsured mortgage and are switching to a different federally regulated lender.
Even if you qualify for a straight switch, the new lender will still check to make sure you can afford your mortgage payments.
Lenders will look at your history of paying debts on time to decide if you qualify for a mortgage renewal.
When setting interest rates, lenders consider the current and future economy, as well as their own comfort level with risk.
Primary sources
Primary sources cited by the Ratellow Research Team. Editorial standards · Correction policy
Related Questions
How does the stress test affect my 2026 renewal options?
Same-lender renewals and uninsured straight switches (OSFI, November 21, 2024) are exempt from the prescribed MQR. A refinance, an insured switch, or any increase in loan amount still requires the stress test — greater of 5.25% or contract + 2%.
What's the difference between insured and uninsured mortgage renewals?
Insured mortgages face stricter CMHC/Sagen constraints while uninsured mortgages enjoy flexible OSFI-only guidelines.
Should I consider switching lenders or negotiate with my current lender?
Your switching decision hinges on rate differential versus requalification risk, with break-even analysis determining optimal strategy.
When should I start my mortgage renewal process?
Start your renewal process 120-180 days before your current term expires to maximize your strategic options.