Review your mortgage renewal offer before you sign.
FairRate helps Canadian borrowers organize a renewal offer, compare the quoted rate with benchmark context, and decide what factual questions to ask before accepting, negotiating, or comparing alternatives.
Educational context only. FairRate is not a mortgage broker, lender, law firm, or financial advisor and does not guarantee rates, approvals, savings, or lender outcomes.
Offer verification
Can I trust this renewal offer?
Start with the written offer details: quoted rate, term, rate type, payment, expiry date, prepayment privileges, penalty language, portability, fees, and any conditions. A renewal letter can look final, but it is still worth reviewing before signing.
- ✓ Is the rate in writing?
- ✓ Does the offer show an expiry date?
- ✓ Are penalty and prepayment terms clear?
- ✓ Is this the final offer or an early renewal option?
Payment shock
Why did my payment change?
Payment changes can come from the new rate, remaining amortization, payment frequency, balance changes, or lender assumptions. A lower or higher payment is not enough on its own; the rate, term, and written conditions still matter.
- ✓ Compare payment and rate separately
- ✓ Check remaining amortization assumptions
- ✓ Watch for fees, penalties, and product restrictions
- ✓ Use payment estimates as illustrations, not guarantees
Timing decision
Should I renew early or wait?
An early renewal can be convenient, but timing changes the decision. The question is not only whether the offer feels comfortable today, but whether the written rate and term look reasonable against current context and your renewal deadline.
- ✓ How long until maturity?
- ✓ Can the rate be held or improved later?
- ✓ What happens if market context changes?
- ✓ Does accepting now limit other options?
Switch-vs-stay
Should I switch lenders or stay?
Switching is not automatically better, and staying is not automatically safer. Compare the total decision: rate gap, timing, transfer costs, appraisal or documentation conditions, penalties, product features, and the effort required.
- ✓ Compare like-for-like terms
- ✓ Include switching friction and costs
- ✓ Confirm qualification and documentation needs
- ✓ Do not compare headline rates alone
What to have ready
The review sequence
Check the rate first
Enter the offer into the FairRate checker to compare it with current educational benchmark context.
Review the written terms
Look at penalties, prepayment privileges, portability, restrictions, fees, and expiry dates.
Ask factual questions
Ask whether the quoted rate is the best available renewal rate for your file today and whether any better term options are available.
Compare alternatives carefully
If the rate gap appears meaningful, compare any outside offer on a like-for-like basis, including costs and conditions.
Best next step
Use the checker with your actual written offer. Generic rate articles cannot see your balance, province, term, timing, and rate type.
Check my offer →