The Mortgage Renewal 'Laziness Test': Are You Passing or Paying?

February 23, 2026 | Posted by: Matt Broom-Hall

The Mortgage Renewal 'Laziness Test': Are You Passing or Paying?

Pop quiz: When was the last time you actually compared mortgage rates at renewal?

If you're like most Albertans, that envelope from your bank hits the mailbox, you flip it open, see a friendly letter promising a 'hassle-free renewal,' and think, 'Perfect, one less thing to worry about.' You sign on the dotted line, mail it back, and boom: you're done.

Congratulations. You just failed the bank's laziness test.

And you're not alone. Roughly one-third of Canadian homeowners take their bank's initial renewal offer without shopping around. That's exactly what the banks are counting on: and it's costing you thousands.

What Exactly Is The 'Laziness Test'?

Here's how it works: As your mortgage term winds down, your lender sends you a renewal offer that looks pretty straightforward. No appointments needed. No paperwork. No hassle. Just sign here, and everything rolls forward seamlessly.

Sounds great, right?

Except there's a catch. That interest rate they're offering? It's often their posted rate: which can be up to 2% higher than what you'd get if you actually... you know... asked.

Think about that for a second. On a $400,000 mortgage, a 2% rate difference could cost you $8,000 per year. Over a five-year term, that's $40,000 straight out of your pocket and into theirs.

The banks aren't hiding this strategy. They're just betting you won't notice. Or won't care enough to do something about it.

Why The Laziness Test Works So Well

Banks have done their homework on human psychology. Once you've established a relationship with a lender: especially if you've got your chequing account, credit card, and maybe an investment or two with them: you develop what I call 'financial brand loyalty.'

It's the same reason you keep going back to the same coffee shop even though there's a better one two blocks over. Familiarity feels safe. Convenient. Easy.

The banks know this. They know that the more products you have with them, the less likely you are to shop around. It's called the 'stickiness factor,' and it's incredibly profitable for them.

Here's the uncomfortable truth: We've taught the banks that we won't leave. And when they know you're not going anywhere, there's zero incentive to offer you their best rate upfront.

The Game Just Changed (And The Banks Don't Want You To Know)

For years, there was an actual regulatory hurdle keeping people stuck with their current lenders. If you wanted to switch to a new lender at renewal, you had to re-qualify under the mortgage stress test: even if nothing about your mortgage amount or amortization changed.

That meant:

• New credit checks
• Employment verification
• Fresh appraisals
• Full debt assessment

All that red tape just to switch lenders? Many people said, 'Forget it, I'll just stay put.'

But here's the big news: As of November 21, 2024, that barrier is gone.

Both insured and uninsured borrowers in Alberta can now switch lenders at renewal without re-qualifying under the stress test: as long as it's a 'straight switch' (same mortgage amount, same amortization). The playing field is finally level.

Translation? There's literally no reason to accept your bank's lazy renewal offer anymore.

How An Alberta Mortgage Broker Levels The Playing Field

When you get that renewal letter, here's what you should do: Don't sign it. Don't ignore it either. Instead, call an independent Alberta mortgage broker like Hello Mortgage.

We have access to 50+ lenders, not just the big five banks. That means we can shop your mortgage across the entire market and find you the most competitive mortgage interest rate in Alberta: not just what one bank feels like offering you.

One of two things will happen:

Option 1: We find you a better rate with a different lender. You switch, you save, and your old bank realizes too late that they should've treated you better.

Option 2: Your current lender suddenly 'discovers' that they can offer you a competitive rate after all. Funny how that works when they realize they actually have to compete for your business.

Either way, you win.

The Hello Mortgage Advantage: It's Not Just About Renewal

Look, any broker can help you shop rates at renewal. But at Hello Mortgage, we're thinking three steps ahead.

That's where our RateWatch+ service comes in. We don't just help you today: we actively monitor the market on your behalf throughout your entire mortgage term. If rates drop significantly, we reach out proactively to see if refinancing or switching makes sense for you.

You're not just getting a broker. You're getting a mortgage strategist in your corner for the long haul.

Plus, our VIP Club members get exclusive benefits like personalized mortgage strategies, proactive rate updates, and priority access to our team. Because mortgage planning shouldn't stop the day you sign your papers.

The Real Cost Of Convenience

I get it. Signing that renewal letter feels easy. You're busy. Life is hectic. Who has time to compare rates?

But here's the thing: Convenience is expensive when it costs you thousands of dollars.

Taking 20 minutes to connect with a mortgage broker could save you more money than you'd make working overtime for a month. Maybe two months. That's not just smart financial planning: that's a no-brainer.

And with the stress test barrier gone, switching lenders is easier than ever. There's no complicated re-qualification process. No jumping through hoops. Just a straightforward switch to a better rate.

Don't Let Your Bank's Laziness Test Define Your Financial Future

Here's what I want you to remember: Your bank is not your friend. They're a business, and their goal is profit maximization, not your financial wellness.

When they send you that renewal offer with an inflated rate, they're not making a mistake. They're making a calculated bet that you won't do anything about it.

So prove them wrong.

Whether your renewal is coming up in six months or six weeks, now's the time to start the conversation. As an Alberta mortgage broker, I work for you: not the banks. My job is to make sure you're getting the absolute best mortgage interest rate in Alberta, with terms that actually make sense for your life.

The banks want you to be lazy. They profit when you don't shop around. They win when you settle.

But you don't have to play by their rules anymore.

Ready to pass the laziness test with flying colors? Let's talk. Your renewal is too important to leave to chance: or to a bank that's counting on you not to care.

Because here's the truth: The best mortgage renewal strategy isn't about convenience. It's about making your money work harder for you. And that starts with refusing to accept anything less than what you deserve.

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