Use this timeline to reduce deadline pressure. The goal is to gather facts early, read the written offer carefully, and understand the terms before responding.
Already received a renewal offer from your lender?
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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 timeline helps you avoid rushed decisions, but it does not tell you whether to accept, negotiate, switch, or reject an offer. Those decisions depend on the written rate, term, payment assumptions, eligibility, fees, penalties, restrictions, deadline, and any genuine like-for-like alternatives.
| Timing | What to review | Why it matters |
|---|---|---|
| A few months before maturity | Confirm maturity date, current balance, current rate, payment frequency, amortization, mortgage type, and lender contact information. | Accurate documents make later comparisons less rushed. |
| Before any offer arrives | Check whether you may need documents for a lender review, broker discussion, or possible lender switch. | Some alternatives require time, documentation, and approval. |
| When an early renewal offer arrives | Review the written rate, term, fixed or variable structure, payment assumptions, fees, penalties, prepayment privileges, portability, and restrictions. | An early offer is still a product with terms, not just a percentage. |
| When the formal statement arrives | Review the renewal statement details, including rate, balance, payment frequency, term, fees, and any automatic-renewal language. | Federally regulated financial institutions have a formal 21-day statement requirement. |
| Final weeks before maturity | Confirm what happens if you do not respond, what expires, and what must be signed or submitted. | This reduces accidental-renewal confusion and last-minute document gaps. |
| Before signing | Keep copies of the written offer, clarifications, any actual competing offer, and the final signed terms. | Written records help you verify what was offered and accepted. |
The renewal letter is not just a reminder. Treat it as a written offer that needs review.
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.
This page is an educational planning guide for Canadian mortgage-renewal timing. For formal renewal statement rules, review your lender documents and Government of Canada guidance. For FairRate's supported comparison contract and limitations, review the methodology page.
Start reviewing a few months before maturity when possible. That gives you time to locate your current terms, read the written offer, ask questions, gather documents, and compare any genuine like-for-like alternatives.
For federally regulated financial institutions, the lender must provide a renewal statement at least 21 days before the end of the existing term, or notify you if they will not renew.
Some lenders may offer early renewal options, but the timing, rate, penalty, and product terms depend on the lender and mortgage contract. Review the written terms before locking in early.
Confirm the written rate, term, payment assumptions, fees, prepayment privileges, penalty wording, portability, restrictions, expiry date, and what happens if you do not respond.
Review written terms before signing.
Review a lender offer without relying on the rate alone.
Understand the formal renewal-statement timing window.
Understand what to check if renewal could happen by default.
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.