# What exactly is a 'straight switch' mortgage renewal, and how does it impact you?

> A 'straight switch' allows borrowers to transfer their existing uninsured mortgage to a new lender without a new stress test, provided the loan amount and amortization period stay the same.

Category: Renewal
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/renewal/what-exactly-is-a-straight-switch-mortgage-renewal-and-how-does-it-impact-you

## Answer
A 'straight switch' allows borrowers to transfer their existing uninsured mortgage to a new lender without a new stress test, provided the loan amount and amortization period stay the same. OSFI's new rule, effective November 2024, lets eligible borrowers switch lenders without needing to re-qualify at the minimum qualifying rate (MQR), also known as the 'stress test'.

## Institutional highlights
- 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.

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

## Sources
- OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
- I. Purpose and scope of the guideline — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#1.0
- Mortgage insurance — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#2.5.1