Review a RBC Mortgage Renewal Offer
A RBC renewal letter is one lender offer. The lender name alone does not prove that the rate is fair, unfair, the lowest available, or the best overall product for your circumstances. Review the written rate and product terms before signing.
Important FairRate scope
FairRate's current benchmark-backed free checker and paid benchmark reports support Canadian 5-year fixed renewal offers only. A variable-rate or other-term RBC offer should not be forced against that 5-year fixed reference.
This page does not claim a unique RBC benchmark, typical RBC renewal rate, or lender-specific negotiation outcome.
Have a supported 5-year fixed RBC renewal offer?
Start with the free supported comparison. Optional paid reports after the free result are Rate Fairness Report CA$24 and Full Renewal Decision Report CA$49. Neither guarantees another rate, approval, savings, or a specific decision.
Start Free 5-Year Fixed Check →What to review in the written offer
Source-backed Canadian renewal rights and guidance
For a mortgage with a federally regulated financial institution, the lender must provide a renewal statement at least 21 days before the end of the existing term.
The renewal statement must include the remaining balance, interest rate, payment frequency, term, and applicable charges or fees.
FCAC says borrowers do not have to renew with the same lender and can shop around before the end of the term.
FCAC also advises negotiating with the current lender and notes that a switch can involve approval criteria and costs.
Source: Financial Consumer Agency of Canada, “Renewing your mortgage”
About rate and payment differences
FairRate does not treat mortgage balance multiplied by a rate spread as exact annual interest cost or five-year savings. That shortcut ignores amortization, Canadian mortgage compounding, declining principal, payment timing, fees, penalties, prepayments, switching costs, and whether an alternative rate is actually available.
For a supported 5-year fixed check, FairRate can show illustrative scheduled-payment context using the entered balance, remaining amortization, quoted rate, and displayed comparison rate.
Neutral wording to request a review
“I'm reviewing my RBC renewal offer before signing. Please confirm the final rate, term, payment, remaining amortization used, penalty wording, prepayment privileges, portability, fees, and any material restrictions. Please also let me know whether another renewal option is available and provide the reviewed terms in writing.”
For more wording, use the mortgage renewal review script.
Related questions
Frequently asked questions
Is my RBC mortgage renewal offer fair?
Fairness cannot be determined from the lender name alone. Review the exact rate, term, rate type, payment, amortization, penalties, prepayment privileges, portability, fees, and conditions. FairRate's current benchmark-backed comparison supports Canadian 5-year fixed renewal offers only.
Should I accept my RBC renewal letter?
FairRate does not make that decision for you. Review the written offer and your own circumstances before signing. Canada's Financial Consumer Agency says borrowers do not have to renew with the same lender and can shop around and negotiate with their current lender.
Can I ask RBC to review a mortgage renewal rate?
You can ask the lender to review the offer and explain whether another renewal option is available. Request the final rate, term, penalty wording, prepayment privileges, portability, fees, and material restrictions in writing before deciding. FairRate does not promise that a lender will improve an offer.
Is FairRate a mortgage broker?
No. FairRate is not a lender, mortgage broker, mortgage agent, brokerage, law firm, or financial advisor. It provides educational comparison and reporting products and does not sell mortgage inquiries to lenders or brokers.
Review a supported RBC renewal offer
Use the benchmark-backed checker only for a Canadian 5-year fixed renewal offer. The result is educational and does not guarantee another rate or savings.
Start Free 5-Year Fixed Check →FairRate independence
- Not a lender or mortgage broker: FairRate does not arrange mortgages or make lending decisions.
- No mortgage inquiry sale: FairRate does not sell mortgage inquiries to lenders or brokers.
- Consumer-paid reports: Free check first, then optional Rate Fairness Report CA$24 or Full Renewal Decision Report CA$49.
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.