# What happens when my mortgage term is up for renewal?

> At renewal, you have the option to 'straight switch' your uninsured mortgage to another federally regulated financial institution.

Category: Strategy
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/strategy/what-happens-when-my-mortgage-term-is-up-for-renewal

## Answer
Consider this scenario:

| Factor             | Scenario 1: Original MQR Required | Scenario 2: Straight Switch      |
|--------------------|-----------------------------------|-----------------------------------|
| Qualification      | Stricter, original rate applies   | Potentially easier qualification |
| Savings Potential  | Limited                           | Higher potential savings          |
| Lender Assessment  | Full reassessment                  | Focused on current financial health|

## Institutional highlights
- You might not need to requalify at a higher interest rate when you renew your mortgage with a new lender.
- Lenders still have to follow careful lending rules when they give you a mortgage.
- Lenders will check to make sure you can comfortably afford your mortgage payments, even if interest rates go up.
- Lenders consider how much debt people have compared to their income when deciding who qualifies for a mortgage.
- Lenders will assess your mortgage application based on how comfortable they are with the risk.

## Related guide
- https://ratellow.com/guides/fixed-vs-variable-historical

## Sources
- Weekly series — https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/#table
- Notes — https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/#notes
- Footnotes — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
- Contents — https://www.sagen.ca/ups/underwriting-documentation/#documentation