Breaking Up With Your Bank in 2026: The "Wave" Survival Guide

It’s January 2026, and the "renewal wave" we’ve been talking about for years is officially here. If you’re one of the 1.6 million Canadians facing a renewal this year—especially if you’re coming off those legendary sub-2% rates from 2021—you’ve likely noticed the "payment shock" headlines.

The bank’s renewal offer probably looks like a big number, but at my team, we aren’t here to just accept the 2026 status quo. We’re here to help you surf this wave without wiping out. Here is our 5-step, hassle-free process to switching lenders and saving your budget.

Step 1: The "2026 Reality Check"

Start by checking in with your current lender. With the Bank of Canada sitting at a neutral 2.25% policy rate, banks are hungry to keep you, but their "best" offer is rarely the market's best. Get their renewal rate in writing and ask about your remaining amortization. In 2026, knowing if you have the option to extend back to 30 years is a vital piece of the puzzle.

Step 2: Let me find you the best rate out there (Soft Check Only!)

Once you have that bank offer, reach out to me for a quote. I’ll scan the landscape—where 3 & 5-year rates are hovering in the 3%-low 4% range. I’ll ask for your documentation (pay stubs, mortgage statements, tax bills, etc.).

Pro Tip: We use soft credit checks where possible, so shopping for a better deal won't ding your score while you're exploring your options.

Step 3: The Rate Exception & Cashback Play

This is where we go to work. Once your application is filed, I don’t just settle. I fight for a rate exception to undercut the big bank "specials."

Even better? In this competitive market, many lenders are offering significant cashback (sometimes up to $4,100 depending on your loan size) specifically to help cover the costs of leaving your old bank. We want the lender to pay you for the privilege of having your business.

Step 4: The Legal Hand-Off

After approval, we move to the legal phase. The good news: for a straight "switch" or "transfer," most of our lenders cover the standard legal and appraisal costs. Even if you are coming off TD bank's notorious collateral charge mortgage, we'll help you cover all your legal fees.

We’ll arrange a convenient legal appointment for you to sign the documents before the transfer date. This ensures everything is "locked and loaded" so your old mortgage is paid off seamlessly on maturity day.

Step 5: Don’t Forget the Paperwork!

The transfer is done, and you’ve officially dodged the worst of the payment shock. There is just one final housekeeping item: you must notify your home insurance provider. They need to update the "loss payee" to your new lender to ensure your coverage remains valid. It’s a five-minute call that protects your biggest asset.

Is your renewal landing in the 2026 wave? Don't leave money on the table and sign that bank letter and hope for the best. Send me a message to see how much money I can save you!