Use this checklist when a lender sends a Canadian mortgage renewal offer. The goal is to understand the written rate, product terms, payment assumptions, fees, penalties, restrictions, and deadline before responding.
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 offer should not be judged by the headline rate alone. The same percentage can sit inside different terms, payment assumptions, penalty wording, portability rules, prepayment privileges, fees, restrictions, and deadlines.
Use the checklist to gather facts. It does not tell you to accept, negotiate, switch, or reject; it helps you see what must be verified before you make that decision.
| Item to check | Why it matters | Before-signing question |
|---|---|---|
| Quoted interest rate | The percentage matters, but it is only one part of the offer. | What exact rate is offered, and how long is it held? |
| Term and rate type | A 5-year fixed offer is not the same product as a shorter fixed term or variable-rate offer. | What term and fixed or variable structure are attached to this quote? |
| Remaining balance and amortization | Payment comparisons depend on the balance, remaining amortization, and payment assumptions used. | What balance, amortization, and payment frequency were used to calculate the scheduled payment? |
| Payment amount and frequency | Monthly, biweekly, and accelerated payment schedules can affect cash flow. | What is the exact scheduled payment and when does it begin? |
| Penalty wording | Early-break penalties can materially affect flexibility. | How is any early-break penalty calculated, and can I receive the wording in writing? |
| Prepayment privileges | Extra-payment rights matter if you plan lump sums or higher payments. | What annual prepayment and payment-increase options apply? |
| Portability | Portability rules matter if you may move during the term. | Is the mortgage portable, and under what conditions? |
| Fees and charges | Renewal, switching, or restructuring can involve costs that change the comparison. | Are there discharge, transfer, appraisal, legal/notarial, title-insurance, registration, administration, promotional, or other costs? |
| Product restrictions | Restricted-rate, collateral-charge, cashback, promotional, or other conditions can change flexibility. | Are any restrictions, clawbacks, or special conditions attached to the offer? |
| Expiry and automatic-renewal wording | Deadlines and automatic-renewal language affect timing. | When does the offer expire, and what happens if I do not respond before maturity? |
Use this when you need the lender to explain the written offer and available renewal options without making unsupported claims.
Hello,
I am reviewing my mortgage renewal offer before responding. The written offer shows [RATE]% for a [TERM] term.
Can you please explain the available renewal options and confirm the final rate, payment assumptions, penalty wording, prepayment privileges, portability, fees, restrictions, and expiry date in writing?
Thank you.
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.
Review the written rate, term, fixed or variable structure, remaining balance, amortization, payment frequency, scheduled payment, fees, penalty wording, prepayment privileges, portability, restrictions, expiry date, and what happens if you do not respond.
Do not decide from the rate alone. A first offer can only be assessed after reviewing the written terms, costs, restrictions, timing, and any genuine like-for-like alternatives available to you.
Start reviewing a few months before maturity when possible. Federal guidance says federally regulated financial institutions must provide a renewal statement at least 21 days before the term ends, but waiting until then may leave less time to gather documents or compare options.
FairRate Canada’s benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. Other terms and variable-rate offers should not be forced against that reference.
Review how to respond without relying on the rate alone.
Plan the review steps before maturity.
Understand what the lender statement should include.
See the supported comparison contract, data handling, payment math, verdict rules, and limitations.
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.