Question 1

My lender offered 5.29% on renewal — is that fair?

Accepted Answer

Probably not. As of April 2026, broker-best 5-year fixed is 4.49–4.69% depending on your profile. On a $650K balance, the difference between 5.29% and 4.69% over 5 years is roughly $19,500 in interest. Your bank's first offer is almost never their best — they price for inertia. One call to a broker takes 20 minutes and typically saves $8,000–$20,000 over the term.

Question 2

Calculate my IRD penalty — TD, $500K, rate 2.1%, 2 years left

Accepted Answer

TD uses posted-rate IRD, which inflates the penalty significantly. With a contract rate of 2.1% and roughly 2 years remaining, TD's posted rate spread (~1.75%) pushes the IRD differential higher than it should be. Rough estimate: $12,000–$16,000. A monoline with the same mortgage would charge 3-months interest (~$2,600) or fair IRD (~$3,000–$5,000). Enter your exact numbers below for a precise calculation.

Question 3

Fixed or variable in 2026 on a 10-year mortgage?

Accepted Answer

For a 10-year term, fixed almost always wins — you're locking in certainty over a long horizon and variable rate swings become very expensive to absorb over a decade. That said, 10-year fixed terms are rare in Canada (most lenders don't offer them). You're more likely looking at back-to-back 5-year terms. BoC policy rate is 2.25% (April 2026) — variable is below fixed right now, but the 10-year commitment changes the calculus entirely.

Question 4

What are the current rates at the big 5 banks?

Accepted Answer

As of April 2026: TD, RBC, BMO, Scotia, CIBC are all posting 5-year fixed around 4.94–5.24% (posted) but discounted to ~4.79–4.99% for qualified borrowers. Variable is prime minus 0.50–0.75% — prime is currently 4.45%, so effective variable ~3.70–3.95%. Broker-best beats all of these by 20–60 basis points. The Big 6 also use collateral charges and posted-rate IRD penalties — both work against you if you need to break or switch.

Question 5

Should I trust Mortgage Broker Store?

Accepted Answer

Mortgage Broker Store is a licensed Ontario brokerage that specialises in private and B-lender mortgages — particularly for borrowers with credit issues, no provable income, or in distressed situations like power of sale. They're legitimate, but their product set skews toward higher-rate private lending. If you qualify for an A-lender (most people at renewal do), a standard broker will get you a better rate. Where Mortgage Broker Store is useful: you've been declined by banks and need a bridge solution fast.

Does this renewal offer from my bank seem fair?

Ask FinanceTrust

Enter your mortgage for exact numbers