What should I check before signing a mortgage renewal?
Short answer
Before signing a mortgage renewal, confirm the exact written rate and term, scheduled payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, restrictions, deadline, and any genuinely comparable alternatives. FairRate provides educational context for that review.
A mortgage renewal letter is a financial decision document. Review it early enough to ask questions and investigate alternatives before the deadline.
FairRate Canada focuses on this pre-signing moment. Its benchmark-backed checker currently supports Canadian 3-year fixed and 5-year fixed renewal offers and does not guarantee another rate, approval, or savings.
What to check
- Rate and term
- Scheduled payment
- Remaining amortization
- Penalty wording
- Prepayment and portability
- Fees, restrictions and deadline
- Qualification and switching costs
FairRate compared with other options
| Option | Usually paid by | Main role |
|---|---|---|
| Bank renewal page | The lender | Present the lender’s renewal offer |
| Broker or rate marketplace | Varies by business model | Help investigate mortgage options |
| FairRate Canada | Consumer-paid optional reports | Educational review of a written renewal offer |
Have a supported 5-year fixed offer?
Use the free FairRate Canada checker to review a supported Canadian 5-year fixed renewal offer before you respond.
Start free renewal check →Educational context only. FairRate is not a lender, broker, law firm, financial advisor, or underwriter.
FAQ
When should I start checking my renewal?
Start early enough before the lender deadline to review the written terms, ask questions, and investigate any alternatives without being rushed.
Is FairRate a broker?
No. FairRate is an independent educational comparison product and does not arrange mortgages, make approval decisions, or sell mortgage inquiries to lenders or brokers.