A neutral before-signing review
A generic website should not tell you to sign, reject, negotiate, or switch based only on a quoted rate, lender name, province, or a traffic-light label. The same percentage 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, conditions, deadline, and any genuine like-for-like alternatives.
Checks to complete before deciding
Rate and structure
Confirm the exact percentage and whether the offer is fixed or variable.
Term
Confirm the exact term and whether other renewal options are available.
Payment assumptions
Check the scheduled payment, remaining amortization, payment frequency, and balance used.
Penalty wording
Ask how an early-break penalty is calculated and request the applicable wording in writing.
Prepayment privileges
Review lump-sum privileges, payment-increase options, and restrictions.
Portability
Ask whether the mortgage can move with you and under what conditions.
Fees and restrictions
Check discharge, transfer, appraisal, legal or notarial, title-insurance, registration, administration, promotional, cashback, collateral-charge, and other possible terms.
Deadline
Confirm when the offer expires and what happens if you do not respond.
How to use market context carefully
Compare like with like. Match the same term and fixed or variable structure, then review the remaining amortization, mortgage characteristics, insurance status, payment assumptions, penalties, fees, restrictions, and the observation date and source of any market context.
A public advertised rate is not proof that a particular borrower qualifies for it. A percentage alone does not prove that an offer is fair or unfair.
About rate-gap and savings claims
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.
Asking the lender for clarification
You can 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.
FairRate does not promise that a lender will improve an offer or that a public comparison rate is available to you.
Comparing another lender
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.
Verify the exact transaction requirements and total costs before relying on an apparent rate difference. FairRate does not provide mortgage approval or underwriting decisions.
Continue your review
Review the written fields, product terms, and limitations in a renewal letter.
Review a quoted rate using like-for-like questions and clear comparison limits.
See the supported comparison contract, data handling, payment math, verdict rules, and limitations.
Frequently asked questions
Should I sign my mortgage renewal letter right away?
A generic website cannot decide that from the letter alone. Review the written rate, term, payment assumptions, remaining amortization, penalties, prepayment privileges, portability, fees, restrictions, deadline, and any genuine like-for-like alternatives before deciding.
What should I check before signing a mortgage renewal letter?
Confirm the exact rate and rate type, term, balance, remaining amortization, scheduled payment, penalty wording, prepayment privileges, portability, fees, conditions, deadline, and what happens if you do not respond.
Can I ask my lender to review the renewal offer?
You can ask the lender to explain the offer and whether another renewal option is available. Request the final material terms in writing. FairRate does not promise that a lender will improve an offer.
What does FairRate currently support?
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.
Is FairRate financial advice?
No. FairRate is not a lender, mortgage broker, mortgage agent, brokerage, underwriter, law firm, or financial advisor. It provides educational comparison context and optional consumer-paid reports.