Fictional sample — not a real borrower

Sample Mortgage Renewal Review

This page shows the type of educational structure a paid FairRate Canada report can provide. Every number, lender reference, and borrower detail below is fictional. It is not a current rate quote, approval, recommendation, or promise of savings.

Example offer snapshot

balance
CA$420,000
offered Rate
4.89%
comparison Rate
4.24%
spread
+65 basis points
amortization
20 years remaining
province
Alberta

Illustrative finding

The example offer is meaningfully above the displayed comparison context.

A difference of 65 basis points is a reason to review the written offer carefully. It does not prove the lender acted unfairly, that another rate is available, or that switching would be cheaper after qualification, fees, penalties, and product restrictions.

Questions the example borrower could ask in writing

  1. Is another 5-year fixed renewal option available for the same mortgage and borrower profile?
  2. What prepayment privileges, portability terms, and early-break penalty wording apply?
  3. Are there fees, cashback conditions, collateral-charge terms, or restrictions that affect a like-for-like comparison?
  4. What date does this offer expire, and can the final terms be provided in writing before acceptance?

Example lender email

Subject: Request to review my mortgage renewal offer Hello, Thank you for sending my renewal offer. Before I decide, please confirm whether another 5-year fixed renewal option is available for my mortgage. Please also provide the applicable prepayment privileges, portability terms, penalty wording, fees, restrictions, and offer-expiry date in writing. I understand that any alternative remains subject to eligibility and final lender approval. Thank you.

What a FairRate report does not do

  • • It does not arrange or recommend a mortgage.
  • • It does not guarantee a lower rate, approval, savings, or negotiation outcome.
  • • It does not know every private, discretionary, or borrower-specific lender offer.
  • • It does not replace advice from a licensed mortgage professional, lawyer, or financial advisor.

Review your actual 5-year fixed renewal offer

Start with the free checker. You will see the comparison result before deciding whether a written report is useful.

Check My Renewal Offer — Free

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.