Copy-and-paste scripts
Short email: ask for clarification and review
“I am reviewing the mortgage renewal offer before responding. The written offer shows [RATE]% for [TERM]. Can you please explain whether another renewal option is available and provide the final rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material conditions in writing?”
Real competing-offer script
“I have a written mortgage offer from [PROVIDER] for [TERM / RATE TYPE] with the following material terms: [SUMMARY]. Can you please review my renewal offer and explain whether another renewal option is available? I can provide the written offer if needed.”
Different-term comparison request
“I am comparing renewal options and do not want to treat different terms as identical products. Can you please provide the available renewal options in writing, including the rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material conditions for each option?”
Phone script
“I am calling to review the written renewal offer before responding. Can you explain the available renewal options and send the final material terms in writing? I do not want to assume that a public rate or another product applies to my file.”
What to keep with your records
- The current written renewal offer and deadline.
- Any real competing offer or broker quote you choose to mention.
- The material terms needed for a like-for-like comparison.
- The lender's written response and any revised offer.
Do not misuse benchmark context
A public advertised rate is not proof that you qualify for it. Different terms and rate structures should not be treated as identical products. A comparison should consider the term, fixed or variable structure, remaining amortization, mortgage characteristics, insurance status, payment assumptions, penalties, prepayment privileges, portability, fees, conditions, source date, and eligibility limits.
Do not turn a rate spread into fake certainty
FairRate does not treat mortgage balance multiplied by a rate spread as an exact annual interest cost, five-year cost, or savings estimate. A scheduled-payment comparison should use the balance, rate, remaining amortization, and Canadian mortgage math, and still does not capture every fee, penalty, prepayment, timing difference, or switching cost.
Continue your review
Review the source-backed Canadian negotiation context and important limits.
Review the written offer, product terms, switching friction, and uncertainty before responding.
See the supported comparison contract, data handling, payment math, verdict rules, and limitations.
Frequently asked questions
Can I negotiate my mortgage renewal rate in Canada?
The Financial Consumer Agency of Canada says borrowers can negotiate with their current lender and may qualify for a discounted interest rate below the renewal-letter quote. A lower rate is not guaranteed, and FairRate does not promise that a lender will improve an offer.
What should I include in a mortgage renewal email?
Use the actual written offer, including the quoted rate, term, deadline, and material conditions. Ask for clarification or other available renewal options in writing. Mention competing offers only when they are real and accurately described.
Should I mention another lender or broker offer?
When accurate, yes. FCAC says borrowers can tell the current lender about offers received from other financial institutions or mortgage brokers and may need to provide proof. Do not invent an offer or imply guaranteed eligibility.
Does FairRate negotiate for me?
No. FairRate does not negotiate with lenders, arrange mortgages, issue approvals, or provide individualized financial advice. Its benchmark-backed checker currently supports Canadian 5-year fixed renewal offers only.