Do not decide from the rate alone. Review the written product terms, payment assumptions, fees, penalties, restrictions, deadline, and any genuine like-for-like alternatives 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.
You should not accept, reject, negotiate, or switch based only on the quoted percentage, lender name, province, or a generic online label. The same rate can sit inside materially different mortgage products.
Review the exact term, fixed or variable structure, remaining amortization, scheduled payment, mortgage characteristics, insurance status, penalties, prepayment privileges, portability, fees, restrictions, deadline, and any genuine like-for-like alternatives.
Use a factual, non-confrontational request. Ask the lender to explain the renewal offer and whether another renewal option is available. Request the final rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material conditions in writing.
Hello,
I am reviewing my mortgage renewal offer before responding. The written offer shows [RATE]% for [TERM].
Can you please explain the available renewal options and provide the final rate, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material conditions in writing?
Thank you.
A lower advertised rate is not proof that you qualify for it or that switching is cheaper after all costs. Compare the same term and fixed or variable structure, then account for payment assumptions, eligibility, documentation, timing, penalties, discharge or transfer costs, appraisal, legal or notarial costs, title insurance, registration, administration, promotional terms, and product restrictions.
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.
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.
A generic website cannot decide that from the rate alone. Review the written rate, term, fixed or variable structure, payment assumptions, remaining amortization, penalties, prepayment privileges, portability, fees, restrictions, deadline, and any genuine like-for-like alternatives before deciding.
A percentage, lender name, or province alone cannot prove that an offer is fair or unfair. Compare like with like and verify the source date, eligibility limits, payment assumptions, and product terms of any market context.
Yes. You can ask the lender to explain the written offer and whether another renewal option is available. Request the final rate, term, payment assumptions, fees, penalties, prepayment privileges, portability, and material restrictions in writing.
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.
Review the full before-signing checklist.
Understand what to check in the written renewal letter.
Ask factual questions without inventing leverage or guaranteed outcomes.
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.