Use a factual checklist, compare the complete written terms, and ask whether another renewal option is available before signing.
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.
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. Variable-rate and other-term offers should not be forced against that reference.
FairRate is not affiliated with or endorsed by RBC. This page does not claim an RBC-specific benchmark, typical RBC renewal rate, guaranteed alternative rate, approval outcome, savings amount, or negotiation result.
Ask RBC to explain the offer and confirm whether another renewal option is available for the same mortgage. Request the final rate, term, payment, expiry date, and material product conditions in writing before accepting.
Do not assume that a particular employee, team, branch, phone line, or so-called retention department has special pricing authority. FairRate cannot verify internal RBC pricing practices or predict how RBC will respond.
Have the quoted rate, term, rate type, scheduled payment, remaining amortization, renewal deadline, and important product terms in front of you. Ask what would change if a different renewal option were offered and request those changes in writing.
A competing quote is useful only when the products and eligibility assumptions are comparable. Include fees, penalties, prepayment privileges, portability, timing, documentation, qualification requirements, and switching friction.
A lower advertised rate is not automatically available to you and may not be the lower-cost option after restrictions and transaction costs are considered.
FairRate is not a lender, mortgage broker, mortgage agent, brokerage, law firm, underwriter, or financial advisor. It does not arrange mortgages, make lending decisions, or guarantee another rate, approval, savings, or a particular accept, negotiate, or switch outcome.
Yes. You can ask RBC to explain the offer and confirm whether another renewal option is available for the same mortgage. Request material terms in writing before deciding. FairRate does not promise that RBC will change or improve an offer.
Review the exact rate, term, fixed or variable structure, scheduled payment, remaining amortization, penalty wording, prepayment privileges, portability, fees, conditions, and deadline. FairRate’s benchmark-backed comparison currently supports Canadian 5-year fixed renewal offers only.
FairRate cannot verify or promise a particular department, employee, branch, or channel with special pricing authority. Ask your RBC contact what options are available for your mortgage and request the final terms in writing.
No. FairRate is not affiliated with RBC, does not underwrite mortgages, does not know every private or discretionary RBC offer, and cannot guarantee that a displayed or advertised rate is available to you.