Review a MCAP renewal offer by checking the written rate and full product terms before signing. This page is educational and does not claim a special MCAP benchmark or guaranteed alternative rate.
Already received a renewal offer from your lender?
Check the rate against current Canadian mortgage benchmarks before you sign. FairRate is paid by you, not by lenders, and does not sell your information to brokers.
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.
A renewal letter is one lender offer. The lender name alone does not prove that the quoted rate is fair, unfair, the lowest available, or the best overall product for your circumstances.
Review the exact rate, term, fixed or variable structure, scheduled payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, promotional conditions, and other restrictions together.
Compare like with like. A lower advertised rate is not proof that you qualify for it or that switching is cheaper after discharge, transfer, appraisal, legal or notarial, title-insurance, administration, promotional, and other possible costs or restrictions.
Do not assume that a same-lender renewal, lender switch, refinance, increased borrowing request, amortization change, or other material change follows identical qualification, documentation, fee, penalty, and timing rules. Verify the requirements for the exact transaction.
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. A variable-rate or other-term offer should not be forced against that 5-year fixed reference.
FairRate is not a lender, mortgage broker, mortgage agent, law firm, underwriter, or financial advisor. It does not provide mortgage approval, guarantee another rate, or promise savings or a particular negotiation outcome.
Fairness cannot be determined from the lender name alone. Review the exact rate, term, fixed or variable structure, payment, remaining amortization, penalties, prepayment privileges, portability, fees, conditions, and current like-for-like market context. FairRate's benchmark-backed comparison currently supports Canadian 5-year fixed renewal offers only.
You can ask the lender to explain the offer and whether another renewal option is available. Request the final rate, term, penalty wording, prepayment privileges, portability, fees, and material restrictions in writing before deciding. FairRate does not promise that a lender will improve an offer.
No. FairRate does not claim a lender-specific benchmark, typical MCAP renewal rate, or guaranteed alternative rate. The current benchmark-backed checker supports Canadian 5-year fixed renewal offers only and uses fresh public comparison context when supported context can be verified.