If you currently have a variable rate mortgage and have decided you want to convert (lock in) to a fixed rate, please read on to find instructions for your specific lender. If you are unsure about whether or not you should lock in, please read our last post on the topic for an in-depth analysis of the pros and cons to consider.

A few things to note before you lock-in:

  • There should not be any penalty or cost to convert to a fixed rate (lock in) with your current lender.
  • The fixed rates offered to you for lock in will change over time as the lender’s overall rates change. Lenders typically do not hold rates for someone considering locking in, so if you wait and then call back a week later, the rates you can get at that time may be different.
  • You should have your mortgage number and details available when you begin the lock-in process. Your most recent annual mortgage statement should have everything you need (Mortgage #, remaining term, amortization, etc).

Here is a list of our most popular mortgage lenders and the instructions for each regarding how to proceed with a lock-in inquiry. If you have any concerns during the process, please don’t hesitate to pause the process and reach out to us for advice.

  • Coast Capital Savings CU: please call 1.888.517.7000, or visit your local branch.
  • First National: please call 1.888.488.0794 to speak with customer service.
  • Merix / Lendwise: please contact us and we can assist you with the lock-in request.
  • RFA Mortgages: please call 1.877.416.7873.
  • RMG Mortgages: please call 1-866-809-5800 to speak with the RMG customer service.
  • Scotiabank: please call 1-877-303-8879 to speak with a Scotia rep.
  • TD: please call or visit your local TD branch.
  • THINK Financial: please contact us and we can assist you with the lock in request.

Worried about the big penalties charged by banks to break a fixed rate mortgage?

If you are currently with a bank lender (Coast Capital, Scotia, TD) and you are worried about locking in and then being charged a large penalty to cancel your mortgage in a few years, we can instead move your mortgage to a fixed rate mortgage with a non-bank lender.  These lenders use an IRD penalty formula that results in substantially lower penalty charges than with the big banks.  Moving your mortgage to a new lender does mean paying a 3 month interest penalty with your current lender and going through the whole mortgage approval process again; however, we can often secure a lower fixed mortgage rate with a new lender than your current bank lender will offer for lock in, and these interest savings may offset or even surpass the penalty cost.

Unsure if you should lock in?

If you would like guidance or advice about whether you should stay with your current lender or investigate switching to a new non-bank lender, please book in for a refinance consultation appointment through our website:

These appointments will be short – just 10 minutes on the phone with one of our team brokers to answer your questions and determine whether it makes the most sense for you to stay variable, lock in, or if there’s an opportunity to get a better fixed rate through switching to a different lender.