What is a bridge loan in Canada?

A bridge loan is a short-term loan that helps cover the gap when you buy a new home before selling your current one. It allows you to access your existing home’s equity temporarily.

How long do bridge loans last?

Most bridge loans range from 30 to 120 days, though some lenders may extend terms depending on the situation and confirmed sale details.

What is the interest rate on a bridge loan?

Bridge loan rates are typically higher than standard mortgage rates and are often priced at prime plus a premium due to their short-term nature.

How much can I borrow with bridge financing?

The amount is generally based on the equity in your current home, minus outstanding mortgage balances and expected selling costs.

Do I have to make monthly payments on a bridge loan?

In many cases, interest is charged upfront or added to the loan and repaid when your existing home sells, rather than through monthly payments.

What happens if my current home doesn’t sell on time?

If the sale is delayed or falls through, you may need to extend the bridge loan, refinance, or explore alternative financing options. This risk should be assessed carefully before proceeding.

Are there fees besides interest?

Yes. Bridge financing may include legal fees, appraisal costs, registration fees, and lender administration charges.

Is a HELOC a better alternative to bridge financing?

In some cases, a HELOC can be a lower-cost alternative. However, not all borrowers qualify, and HELOC limits may be insufficient for larger purchases.

Can I combine bridge financing with refinancing later?

Yes. Many buyers use bridge financing as a temporary solution and then refinance into a long-term mortgage once both transactions are complete.

Mortgage Renewal

Get a Better Rate at Your Mortgage Renewal — Without the Hassle

Talk to a Mortgage Broker About Renewing or Switching your Mortgage

Renewing your Mortgage or Switching For A Better Rate

Mortgage Renewal

Have you received your mortgage renewal letter from your lender and are wondering whether to switch or renew your mortgage for better options, or at least scan the market for better rates and terms? Many homeowners accept the lender’s offer, thinking it’s the easiest path. But renewal time is an opportunity just like free agency. This is the time for you to explore options that will allow you to pay off your mortgage faster or reduce your monthly payments. With the right advice, you can secure better terms, gain flexibility, and align your mortgage with your financial goals. At Sunlite Mortgage, we believe renewal season should empower you, not pressure you.

What Is Mortgage Renewal, and How Does It Differ from Switching or Refinancing?

Your mortgage renewal happens when your current term ends — often after three or five years — and you sign a new contract with your existing lender for the remaining balance.

A mortgage switch (also called a transfer) means moving your mortgage to another lender at renewal. You typically keep the same principal and amortization but may gain a lower rate, more flexible terms, or both. Importantly, there are no penalty fees at renewal time.

Refinancing is different: it involves replacing your existing mortgage (before or at renewal) with a new one that may increase the loan amount, replace the borrower, adjust the amortization period, or consolidate other debts.

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Renew or Swith? Let Us Help You To get A Rate With a Low Prepayment

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A Mortgage Switch that Worked

We worked with Sarah and Daniel to create a plan when their renewal letter arrived with a rate that seemed higher than expected. Instead of signing immediately, they asked us to compare with one of our many lenders. They had expected to receive an additional bonus over the next few years and wanted to increase their prepayment amount. Their existing lender only allowed them 15% prepayment, and they wanted more. By switching to another lender, we found terms that reduced their monthly payment and gave them prepayment privileges they hadn’t had before. They walked away confident they hadn’t just auto-renewed but had made the smartest choice for their family’s future.

When Should You Start Your Renewal Journey?

The best time to begin is approximately 120 days before your mortgage is due to mature.

This gives you space to:

Secure a competitive rate hold.
Compare offers without pressure.
Review features that may matter more now, such as prepayments or portability.

Waiting until the last minute often means missing out on better options. Renewal season should feel like a window of opportunity, not a deadline.

What Options Might You Have?

Banks and Credit Unions

These institutions offer rate holds and structured terms, but they are selective and only provide their own products, regardless of whether it’s in your best interest.

Sunlite Mortgage Brokers

We work with a vast network, including lenders beyond banks, credit unions, trust companies and regulated private lenders. We select the option that provides you with the best terms and flexibility for your situation.

Regulated Alternative Lenders

For clients with unique financial profiles, regulated alternative lenders may provide renewal or switch offers that better reflect your financial reality.

We will show you how to compare these pathways and choose the option that fits your goals.

Renewing or Switching? Know the Potential Cost

How the Renewal or Switch Process Works with Us

Review your renewal letter — confirm your balance, maturity date, and amortization.
Book a consultation — we assess your financial goals and map out renewal options.
Secure a rate hold — we lock in protection while comparing multiple lenders.
Compare offers side by side — we show you the differences in rate, fees, and flexibility.
Finalize and close — whether you renew, switch, or refinance, we ensure it’s smooth and transparent.

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Why Consider Switching Instead of Simply Renewing?

Gain access to more competitive rates.
Increase your prepayment privileges.
Reset your amortization for cash-flow relief.
Consolidate debts at lower mortgage rates.
Adjust terms that match your new life stage.

Renewing with your current lender may be convenient — but switching could unlock savings and options you didn’t realize you had.

Renewal Rate Too High? Lets Get You a Mortgage with a Lower Rate

Book your free mortgage renewal review today — see in writing whether you can beat your current lender’s offer.
Upload your renewal letter securely — we’ll benchmark it against the best rates available now.
Ask us to hold a competitive rate — protect yourself while you explore your options.

If you’re also thinking about unlocking equity during renewal, see our Refinance Your Mortgage page to understand how consolidating debt or adjusting your loan amount could work for you.

For insight into how interest rate policies influence renewal offers, visit the Bank of Canada’s official rate announcements.

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Ready to Renew or Switch?

Your renewal date is the perfect chance to take control of your mortgage. Don’t let your bank lock you into a higher rate. Let’s explore your options and save you money.

Get A 120 Day Pre-Approved For Your Renewal or Switch

Talk About Renewing or Switching with a Mortgage Broker

Have A Look At Our Mortgagr Rates

Mortgage Renewal

Get a Better Rate at Your Mortgage Renewal — Without the Hassle

Mortgage Renewal

What Is Mortgage Renewal, and How Does It Differ from Switching or Refinancing?

A Mortgage Switch that Worked

When Should You Start Your Renewal Journey?

What Options Might You Have?

Banks and Credit Unions

Sunlite Mortgage Brokers

Regulated Alternative Lenders

How the Renewal or Switch Process Works with Us

Why Consider Switching Instead of Simply Renewing?

Frequently Asked Questions

1) When should I contact you for renewal or switching?

2) Will I pay a penalty to switch lenders at renewal?

3) Do I need to re-qualify if I switch?

4) Can I change my amortization or payment schedule at renewal?

5) Can I roll high-interest debt into my mortgage at renewal?

6) What happens if I ignore my renewal letter?

7) What costs should I expect when switching lenders?

8) If rates drop after I lock in, am I stuck?

9) Is variable or fixed better at renewal?

10) What if my renewal gets declined?

Ready to Renew or Switch?

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