How to Compare a Bank Mortgage Renewal Offer
Use the same before-you-sign framework for TD, RBC, CIBC, BMO, Scotiabank, National Bank, a credit union, or another Canadian lender. Compare the written rate, term, payment, penalties, fees, restrictions, and switching costs together.
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.
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Is your bank’s mortgage renewal offer competitive?
The bank name and quoted rate are not enough to answer that question. Compare the same mortgage term and product structure using current, dated context, then review the scheduled payment, remaining amortization, penalties, prepayment privileges, portability, fees, restrictions, eligibility, deadline, and switching costs for the exact transaction.
For a supported Canadian 5-year fixed offer, use the FairRate renewal offer checker before deciding what questions to ask your lender.
The same comparison method applies to every lender
A lender-specific search often starts with a bank name, but the decision should not. Whether the offer is from a major bank, credit union, caisse, monoline lender, or regional institution, compare the complete written mortgage product rather than a single advertised percentage.
- Match the product: Compare the same term and fixed or variable structure.
- Confirm the payment: Check the remaining amortization and payment frequency used.
- Read the features: Review penalties, prepayment privileges, portability, and restrictions.
- Check the deadline: Know when the written offer expires and what happens if you do not respond.
- Count transaction costs: Include qualification, timing, fees, and possible switching costs.
TD mortgage renewal
Also searched as: TD Canada Trust and TD Bank.
A TD mortgage renewal offer should be reviewed as a complete written product, not judged from the lender name or rate alone. Confirm the term, fixed or variable structure, payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, restrictions, and expiry date before signing.
RBC mortgage renewal
Also searched as: Royal Bank of Canada and RBC Royal Bank.
An RBC mortgage renewal offer is one lender’s written proposal. Compare it with current, dated, like-for-like market context for the same term and mortgage structure, then review all material features and possible switching costs before deciding.
CIBC mortgage renewal
Also searched as: Canadian Imperial Bank of Commerce and CIBC.
For a CIBC mortgage renewal, ask for the final rate, term, payment assumptions, remaining amortization, penalty wording, prepayment options, portability, fees, restrictions, and deadline in writing. A headline rate for a different product is not automatically a valid comparison.
BMO mortgage renewal
Also searched as: Bank of Montreal and BMO.
A BMO mortgage renewal offer may be competitive, but that cannot be determined from the quoted percentage alone. Compare the same term and product type, and account for the payment, mortgage features, qualification, timing, fees, and switching costs.
Scotiabank mortgage renewal
Also searched as: Bank of Nova Scotia, Scotia, and Scotiabank.
When reviewing a Scotiabank mortgage renewal, confirm exactly what was offered and when it expires. Ask whether another renewal option is available, but do not assume a lender must improve the offer or match an unrelated advertised rate.
National Bank mortgage renewal
Also searched as: National Bank of Canada and National Bank.
A National Bank mortgage renewal should be compared on a like-for-like basis. Review the written rate together with the term, payment, amortization, penalties, privileges, portability, conditions, and total transaction costs.
Credit union and regional lender renewals
Also searched as: Canadian credit unions, caisses, monoline lenders, and regional lenders.
The same comparison method applies to a credit union, caisse, monoline lender, or regional bank. The institution type does not replace a full review of the written mortgage terms, eligibility, costs, restrictions, and available alternatives.
What to ask your lender before signing
- What is the final written rate, term, and fixed or variable structure?
- What scheduled payment and remaining amortization are being used?
- How would an early-break penalty be calculated?
- What prepayment privileges and payment-increase options apply?
- Is the mortgage portable, and under what conditions?
- Are there cashback, promotional, collateral-charge, discharge, administration, or other conditions?
- Is another renewal option available, and when does this offer expire?
When a lower rate from another lender may not be cheaper
A same-lender renewal and a lender switch are not identical transactions. Before treating a lower rate as a better deal, verify qualification requirements and possible discharge, transfer, appraisal, legal or notarial, title-insurance, registration, administration, timing, promotional, and other costs or restrictions.
Current FairRate Canada scope
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 3-year fixed and 5-year fixed renewal offers only. Variable-rate and other-term offers should not be forced against that reference.
FairRate is not a lender, mortgage broker, mortgage agent, brokerage, underwriter, law firm, or financial advisor. It does not provide mortgage approval, guarantee another rate, rank banks, or promise savings or a particular outcome.
Mortgage renewal resources
Use the complete before-you-sign framework for comparing a written renewal offer.
Place a supported written offer beside current dated Canadian comparison context.
Review payment context, remaining amortization, product terms, and switching costs.
Review possible transfer, legal, appraisal, registration, qualification, and timing considerations.
See the benchmark scope, comparison approach, limitations, and supported product.
Frequently asked questions
Will my bank send me a mortgage renewal offer?
Renewal timing and delivery methods vary by lender, mortgage, and borrower. Check your mortgage documents and online account, and contact the lender directly if you are approaching maturity without a clear written offer or instructions.
Should I accept my bank’s first mortgage renewal offer?
Do not accept or reject it solely because it is the first offer. Review the complete written terms, ask the lender to explain available renewal options, and compare like-for-like current market context before deciding.
Can I negotiate a mortgage renewal rate with a Canadian bank?
You can ask the lender whether another renewal option is available and provide accurate written comparison information. No website can promise that a lender will negotiate, improve, or match a rate.
Is switching banks at mortgage renewal always cheaper?
No. A lower rate may be offset by qualification requirements, discharge or transfer charges, appraisal, legal or notarial work, title insurance, registration, administration, timing, promotional conditions, or other costs and restrictions.
Can FairRate tell me which bank has the best mortgage renewal rate?
FairRate does not rank lenders or claim that one bank is best for every borrower. Its current benchmark-backed checker supports Canadian 3-year fixed and 5-year fixed renewal offers and provides dated comparison context for a written offer.