How do I negotiate a better mortgage renewal rate?

The renewal letter your bank mails is usually a posted or near-posted rate, not their best discretionary pricing.

• 120 days before maturity — request a rate hold from your current lender and from at least two competitors.
• Get it in writing — a competing commitment is what unlocks the retention team's real discount.
• Straight switch — moving your existing balance and amortization to a new lender is treated as a switch, so the federal stress test no longer blocks it for insured mortgages.
• Watch the costs — switching can involve discharge, appraisal and legal fees; many lenders cover part of them.

Renewing on autopilot is the single most expensive habit in Canadian mortgages.