3-Year Fixed vs 5-Year Fixed Mortgage Renewal in Canada
This page organizes questions to review before signing a Canadian mortgage renewal offer. It does not provide lender-specific pricing, mortgage approval, a guaranteed alternative rate, or a predetermined accept, negotiate, or switch decision.
Important FairRate scope
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. Variable-rate and other-term offers should not be forced against that 5-year fixed reference.
Province is contextual and does not create province-specific benchmark pricing. A lender-, rate-, province-, or term-oriented page is educational context, not proof that FairRate measured a unique benchmark for that combination.
Review the written offer
A renewal letter is one lender offer. The lender name, quoted rate, or headline payment alone does not prove that the offer is fair, unfair, the lowest available, or the best product for your circumstances. Review the written rate and product terms together.
Compare like with like
A public advertised rate is not proof that a particular borrower qualifies for it. Compare the same term and rate structure, and include fees, penalties, portability, prepayment privileges, timing, documentation, and other product differences.
Ask before signing
Ask the lender to explain the offer, whether another renewal option is available, how penalties are calculated, what prepayment privileges apply, and which fees or restrictions matter. Request material terms in writing before deciding.
Before you decide, review these items
Questions to investigate
Sources, method, and limitations
This page is an educational review framework. It does not claim a representative borrower sample, lender-pricing study, lender-specific benchmark, typical renewal rate, negotiation outcome, or statistical market finding.
FairRate does not treat mortgage balance multiplied by a rate spread as exact interest cost or guaranteed savings. For a supported 5-year fixed offer, scheduled-payment context uses the entered balance, remaining amortization, and Canadian mortgage math, with explicit limitations.
Continue your review
Have a supported 5-year fixed renewal offer?
Start with the free supported comparison. Paid reports are optional after the free result and do not guarantee another rate, approval, savings, or a specific decision.
Start Free 5-Year Fixed Check →Important limitation: FairRate Canada is an independent consumer-paid educational comparison and reporting product — not a lender, mortgage broker, mortgage agent, law firm, financial advisor, or mortgage underwriter. FairRate does not arrange mortgages, take applications, approve credit, or sell mortgage inquiries to lenders or brokers. The current benchmark-backed checker and paid benchmark reports support 5-year fixed renewal offers only and use fresh public 5-year fixed comparison context when a usable source is available. Broader Bank of Canada data may be used for contextual purposes. Results are not a lender quote, approval, qualification result, personalized advice, or guarantee of a lower rate or savings. Verify current rates, eligibility, fees, penalties, product terms, and switching costs with the relevant lender and, where appropriate, a licensed mortgage professional or other qualified advisor.