A mortgage renewal is the point where your current term ends and the remaining balance moves into a new term unless you pay it off or complete another approved transaction. Review the written offer before responding.
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.
In Canada, your mortgage contract usually has a term that is shorter than the full amortization. When the term ends, you generally need to renew, pay the balance, or complete another transaction such as a lender switch or refinance if approved.
The renewal offer should be reviewed as a written product offer. Do not treat it as automatically fair, unfair, good, bad, negotiable, or unsuitable based on the rate alone.
FairRate is designed for borrowers who already have a supported Canadian 5-year fixed renewal offer and want educational market-context and scheduled-payment comparison before deciding what questions to ask next.
FairRate Canada does not arrange mortgages, guarantee approval, guarantee another rate, guarantee savings, or provide legal, financial, brokerage, underwriting, or lender advice.
Mortgage renewal happens when your current mortgage term ends and you need to choose a new term, rate, payment structure, or lender unless you pay the remaining balance in full.
Not necessarily. You may be able to renew with your current lender, review other lender options, or switch if approved. Costs, eligibility, timing, documents, and product terms can affect the outcome.
Start a few months before maturity when possible. This gives you more time to gather documents, review written terms, ask questions, and understand what happens if you do not respond.
FairRate Canada’s benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. It provides educational market-context and scheduled-payment comparison, not mortgage advice or approval.
Important limitation: 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.