What should I check before signing a mortgage renewal?
Short answer
Before signing a mortgage renewal, check whether the rate is fair, how the payment changes, whether the term fits your plans, whether your lender can improve the offer, and whether a competing quote or switch review is worth considering.
A mortgage renewal letter can feel urgent and official, but it is still a financial decision. The safest approach is to review the offer before the deadline rather than signing automatically.
FairRate Canada focuses on the pre-signing moment: helping borrowers understand whether the lender’s quoted rate looks fair, high, or negotiable before they respond.
What to check
- Rate fairness
- Monthly payment change
- Total cost gap over the term
- Term risk
- Prepayment privileges
- Penalty or switching considerations
- Lender negotiation script
FairRate compared with other options
| Option | Usually paid by | Main role |
|---|---|---|
| Bank renewal page | The lender | Retain the borrower |
| Broker or rate marketplace | Broker, lender, ads, or lead model | Generate quotes or applications |
| FairRate Canada | The consumer | Check whether an offer looks fair before signing |
Have an actual offer?
Use the free FairRate Canada checker to compare your quoted rate, balance, term, rate type, and province before you respond.
Start free renewal check →Informational only. FairRate is not a lender, broker, law firm, or financial advisor.
FAQ
When should I start checking my renewal?
Many borrowers begin reviewing options within the final 120 days before maturity, but earlier context can still help.
Is FairRate a broker?
No. FairRate is an independent educational benchmark tool and does not arrange mortgages or sell borrower information to lenders.