A renewal decision is more than a quoted percentage. Review the rate, term, payment, penalties, prepayment rules, portability, fees, switching friction, and written conditions before accepting.
Already received a renewal offer from your lender?
Check the rate against current Canadian mortgage benchmarks before you sign. FairRate is paid by you, not by lenders, and does not sell your information to brokers.
Most borrowers compare only after they have already signed. Free check first; paid report options after the check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
A renewal letter tells you what one lender is offering under the terms shown in that offer. It does not, by itself, prove that the offer is fair, unfair, the lowest available rate, or the best overall mortgage for your circumstances.
Review the entire product. A lower headline rate can come with different penalties, prepayment privileges, portability, fees, transfer requirements, or other restrictions. An advertised rate is also not proof that you qualify for it.
Ask the lender to review the quoted rate and explain whether another renewal option is available. You can also ask for the final rate, term, penalty language, prepayment privileges, portability, fees, and material restrictions in writing.
Avoid claiming that another lender has guaranteed you a lower rate unless you have an actual written offer. FairRate does not assume that a generic public rate is available to a particular borrower.
A switch may be worth investigating when the expected benefit still looks meaningful after all relevant costs, qualification requirements, documentation, timing, and product differences are considered. Staying may be preferable when those factors outweigh the apparent rate difference.
Do not assume a straight switch is automatically free, automatically exempt from every qualification requirement, or automatically available. Current rules and lender requirements can change, and the details of the transaction matter.
Mortgage qualification rules are high-stakes and can change. A same-lender renewal, a lender switch, a refinance, increased borrowing, an amortization change, and other material changes should not be treated as the same transaction.
Before relying on a generic online rule, verify the current requirements for your exact transaction with the relevant lender and, where appropriate, a licensed mortgage professional. FairRate does not provide mortgage approval or underwriting.
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support 5-year fixed renewal offers only. The comparison uses fresh public 5-year fixed market context when a usable source is available and fails closed when supported fresh context cannot be verified.
Province is used for contextual notes; it does not create province-specific benchmark pricing. The comparison is educational context, not a lender quote, approval, personalized advice, or guarantee of savings.
Province-specific context and review questions for Ontario borrowers.
Province-specific context and review questions for Alberta borrowers.
Province-specific context and review questions for British Columbia borrowers.
Province-specific context and review questions for Quebec borrowers.
Province-specific context and review questions for Manitoba borrowers.
Province-specific context and review questions for Saskatchewan borrowers.
Province-specific context and review questions for Nova Scotia borrowers.
Province-specific context and review questions for New Brunswick borrowers.
Province-specific context and review questions for Newfoundland and Labrador borrowers.
Province-specific context and review questions for Prince Edward Island borrowers.
Use the free checker for a supported Canadian 5-year fixed renewal offer before deciding whether to buy a report.
See the supported comparison contract, payment methodology, verdict rules, and important limitations.
Review qualification concepts and the limits of generic stress-test examples.
Consider fees, timing, qualification, penalties, product terms, and other switching friction before assuming a move is worthwhile.
Review the quoted rate, term, fixed or variable structure, remaining amortization, payment amount, prepayment privileges, portability, penalty wording, fees, and any conditions that could affect a later switch or early payout. Compare like-for-like products rather than the headline rate alone.
No general rule proves that an initial renewal offer is either the best or not the best option available to a particular borrower. Ask the lender whether another renewal option is available and request material terms in writing before deciding.
You can investigate alternatives, but eligibility, documentation, qualification rules, timing, legal or notarial work, discharge charges, appraisal requirements, product restrictions, and other switching costs can vary. Verify the current requirements and total costs for your exact situation before assuming a switch is free or available.
The answer can depend on the transaction and current qualification rules. Same-lender renewals, switches, refinances, increased borrowing, amortization changes, and other material changes should not be treated as identical. Verify the current requirements with the relevant lender and, where appropriate, a licensed mortgage professional.
Start early enough to read the offer, ask questions, obtain written alternatives if you choose, and understand any transfer or documentation requirements before maturity. Exact lender timelines and rate-hold periods vary, so confirm them directly rather than assuming a universal 90-day or 120-day rule.