New single family houses billed as estate cottages are seen in an aerial view, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck

Glenna from Edmonton asks: My mortgage term is coming up for renewal soon. Can I move to another bank with lower interest rates without requalifying? Also, the equity in my home is more than 20 per cent and I am wondering if the mortgage no longer needs to be insured.

Answer from Penelope Graham, head of content at Ratehub.ca :

Whether and how to change mortgage lenders when renewing is a common question. It’s smart to shop around since you’ll usually get a more competitive rate from a new lender than your current one.

That’s because banks reserve the best pricing for new customers. However, the switching process can be confusing.

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