Educational questions for reviewing a MCAP mortgage renewal offer before signing.
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.
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 reference.
This page is educational. It does not claim a lender-specific benchmark, typical MCAP renewal rate, guaranteed alternative rate, approval outcome, savings amount, or negotiation result.
FairRate does not claim a special MCAP benchmark, typical MCAP renewal rate, or guaranteed alternative rate. Review the written offer and its full terms rather than inferring fairness from the lender name alone.
Rate comparisons should use the same term and rate structure and should account for important eligibility conditions and product differences. A public advertised rate is not a lender commitment to a specific borrower.
Scheduled payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, conditions, timing, and switching friction can matter alongside the quoted percentage.
FairRate is not a lender, mortgage broker, mortgage agent, brokerage, law firm, underwriter, or financial advisor. It does not arrange mortgages, make lending decisions, or guarantee another rate, approval, savings, or a particular accept, negotiate, or switch outcome.
Review the exact rate, term, fixed or variable structure, scheduled payment, remaining amortization, penalties, prepayment privileges, portability, fees, conditions, and deadline. 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 material terms in writing before deciding. FairRate does not promise that a lender will improve an offer.
No. FairRate does not underwrite mortgages, know every private or discretionary lender offer, or guarantee that a displayed or advertised rate is available to you.