Is my mortgage renewal rate fair in Canada?
Short answer
A Canadian mortgage renewal rate should be reviewed against current like-for-like context for the same term and mortgage structure, along with the written offer’s payment, penalties, prepayment privileges, portability, fees, restrictions, eligibility, and switching costs. FairRate Canada provides educational comparison context before you respond to your lender.
A renewal offer is not automatically fair or unfair because it comes from your current lender. Review the exact written offer and compare it with current, genuinely comparable context.
The right comparison depends on more than the headline percentage. Rate structure, term, remaining balance, amortization, insurance status, product features, timing, fees, and restrictions can change the comparison.
What to check
- Quoted renewal rate
- Term and rate type
- Mortgage balance
- Scheduled payment and amortization
- Penalty and prepayment terms
- Portability, fees and restrictions
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
Can FairRate tell me if my exact rate is guaranteed unfair?
No. FairRate provides educational comparison context, not a guaranteed lender offer, approval, or personalized mortgage advice.
What should I do if the rate looks high?
Ask your lender to explain the written offer and whether another renewal option is available, then compare any genuine alternative on a like-for-like basis including costs and restrictions.