A renewal decision is more than a quoted percentage. Review the written rate, term, payment, amortization, penalties, prepayment rules, portability, fees, deadline, and switching friction before deciding.
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 tells you what one lender is offering under the written terms shown. It does not, by itself, prove that the offer is fair, unfair, the lowest available rate, or the best overall mortgage for your circumstances.
The lender name and quoted percentage are not enough. Review the exact term, fixed or variable structure, scheduled payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, promotional conditions, cashback terms, collateral-charge terms, and other material restrictions together.
Ask the lender to explain the offer and whether another renewal option is available. Request the final rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material restrictions in writing.
Do not claim that another lender has guaranteed you a lower rate unless you have an actual written offer. FairRate does not promise that a lender will improve an offer or that a public advertised rate is available to a particular borrower.
Do not assume that a same-lender renewal, lender switch, refinance, increased borrowing request, amortization change, borrower change, or other material change follows identical qualification, documentation, fee, penalty, and timing rules.
Before relying on an apparent rate difference, verify any discharge or transfer charges, appraisal, legal or notarial, title-insurance, registration, administration, promotional, and other possible costs or restrictions for the exact transaction.
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.
FairRate is not a lender, mortgage broker, mortgage agent, brokerage, underwriter, law firm, or financial advisor. It does not provide mortgage approval, guarantee another rate, or promise savings or a particular accept, negotiate, or switch outcome.
Educational review questions and local transaction context for Ontario borrowers.
Educational review questions and local transaction context for Alberta borrowers.
Educational review questions and local transaction context for British Columbia borrowers.
Educational review questions and local transaction context for Quebec borrowers.
Educational review questions and local transaction context for Manitoba borrowers.
Educational review questions and local transaction context for Saskatchewan borrowers.
Educational review questions and local transaction context for Nova Scotia borrowers.
Educational review questions and local transaction context for New Brunswick borrowers.
Educational review questions and local transaction context for Newfoundland and Labrador borrowers.
Educational review questions and local transaction context for Prince Edward Island borrowers.
For the broader renewal process, timing questions, and a general before-you-sign checklist, use the separate Canadian mortgage renewal guide.
A generic website cannot decide that from the lender name or quoted rate alone. Review the exact term, fixed or variable structure, remaining amortization, payment, penalties, prepayment privileges, portability, fees, conditions, deadline, and any like-for-like alternatives before deciding.
No. An initial renewal offer is not automatically fair or unfair. Ask the lender to explain the written terms and whether another renewal option is available, then compare like with like before deciding.
It may or may not. 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, registration, administration, promotional, and other possible costs or restrictions.
Do not treat same-lender renewals, lender switches, refinances, increased borrowing, amortization changes, or other material changes as identical transactions. Verify the current requirements for the exact transaction before relying on a generic online rule.
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.