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Negotiation Guide With My Bank

What to say, what not to say, and how to structure the conversation

Decision renewal3 min readFebruary 11, 2026
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Renewal negotiation follows a precise protocol in Quebec. Prepare your data: current rate, balance, competing offers obtained through an AMF broker. Structure the conversation in three phases: opening (express client satisfaction but optimization goals), fact presentation (show competing offers and gaps), direct ask (target a precise market-based rate). Never reveal your floor price. Never say you want to stay at all costs. Bank advisors have negotiation margins, typically 0.10% to 0.30%. An AMF-certified broker can negotiate on your behalf with direct access to retention teams at major banks and Desjardins. An AMF-certified mortgage broker in Quebec analyzes your situation free of charge and compares offers from multiple lenders to get you the best available conditions. The LDPSF requires them to act in your best interest, ensuring professional and objective advice to optimize your mortgage.

How to Negotiate Effectively With Your Bank

Mortgage negotiation is a structured exercise. Prepare yourself and follow these steps.

  1. Gather your ammunition: Competing offers from an AMF broker, your payment history, your credit score.
  2. Open diplomatically: Express your loyalty and satisfaction, then your desire to obtain the best possible conditions.
  3. Present the facts: Show competing offers. Be factual, not emotional. The gap speaks for itself.
  4. Make your ask: Target a precise rate, slightly below the best competing offer.
  5. Listen and compare: Their counter-offer will reveal their margin. Don't accept immediately — take time to compare.

An AMF-certified broker often gets better results because lenders know they can actually transfer the file elsewhere.

Renewal in the Quebec Context

Mortgage renewal in Quebec represents a major financial opportunity that too many homeowners underutilize. Approximately 60% of borrowers accept their bank's renewal offer without comparing, paying on average $2,500 to $7,500 more in interest per 5-year term. In Quebec, major banks (RBC, TD, BMO, Scotia, NBC, CIBC) and Desjardins credit unions generally send a renewal offer 21 to 30 days before maturity, a timeline often insufficient for adequate shopping. This is why experts recommend starting the process 4 to 6 months before maturity. Most lenders offer a 90 to 120 day rate hold, allowing you to lock in an advantageous rate while continuing to compare available market offers.

Maximizing Your Renewal: A Proven Strategy

To get the most from your renewal, adopt a strategic and methodical approach. Start by checking your credit score with Equifax and TransUnion six months before maturity. A score of 680 and above gives you access to the best rates at A-lenders. Correct any errors and pay credit card balances below 30% of the limit to optimize your score. Contact an AMF-certified broker four months before maturity to get the best market offers and a 120-day rate hold. Compare at least 3 to 5 detailed offers analyzing not only the rate but also prepayment conditions, portability, IRD calculation, conversion options, and cash-back incentives.

Protecting Your Interests at Renewal

Renewal is your mortgage freedom moment: no penalty applies and you can transfer free of charge to a better lender. Do not let inertia cost you thousands of dollars. In Quebec, an AMF-certified broker is your best ally in this process: they have access to preferred rates from multiple lenders, their service is free for borrowers, and the LDPSF requires them to act in your best interest. Take the time to compare, negotiate, and verify every clause before signing your next mortgage contract.

Frequently Asked Questions

How to open the conversation?
Express satisfaction with service, then mention you have received interesting competing offers.
What should I never say?
Never say you want to stay at all costs. Don't reveal your target rate before hearing their offer.
Do advisors have a negotiation margin?
Yes, typically 0.10% to 0.30%. Managers can often go beyond to retain a good client.
Can a broker negotiate on my behalf?
Yes, and often more effectively thanks to direct access to retention teams and their business volume.

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Educational information only. This does not constitute financial advice under the Act Respecting the Distribution of Financial Products and Services (LDPSF). Consult an AMF-certified mortgage broker before making any financial decision.

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Educational info · Not financial advice