Automatic renewal means your mortgage may renew if you do not respond by the deadline. Review the written terms, payment assumptions, fees, restrictions, and what happens if you do nothing.
Already received a renewal offer from your lender?
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Most borrowers compare only after they have already signed. Free check first; paid report options after the check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Automatic renewal is a process described in some renewal statements. It is not automatically good or bad. The important question is whether you understand the written offer and the consequences of not responding before maturity.
The renewal statement should be treated as a written offer with terms to review, not just a reminder.
Use a factual request for clarification without claiming another rate is guaranteed or that the lender must improve the offer.
Before this renewal takes effect, I would like to review the written terms. Can you please confirm the final rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, restrictions, expiry date, and what happens if I do not respond before maturity?
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. Variable-rate offers, shorter fixed terms, refinances, purchase mortgages, and complex restructuring scenarios should not be forced against that reference.
FairRate provides educational market-context and scheduled-payment comparison. It does not arrange mortgages, guarantee approval, guarantee another rate, guarantee savings, or provide legal, financial, brokerage, underwriting, or lender advice.
Automatic mortgage renewal means the lender may renew your mortgage term automatically if you do not respond by the deadline, based on the conditions described in the renewal statement.
Not always. The issue is whether you understand the written rate, term, payment assumptions, fees, restrictions, and what happens if you do not respond before maturity.
Look in the renewal statement or renewal offer for language saying the mortgage will renew automatically if you do not act before the deadline.
Review the rate, term, payment amount, balance, payment frequency, fees, penalty wording, prepayment privileges, portability, restrictions, expiry date, and automatic-renewal conditions in writing.
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.