Copy-and-paste scripts
Ask for a lower rate and complete terms
“I am reviewing my mortgage renewal rather than accepting the first offer automatically. The written offer shows [RATE]% for [TERM]. Can you please review the rate and provide your best available renewal option in writing, including the term, payment amount, remaining amortization, prepayment privileges, portability conditions, penalty wording, fees, and material restrictions?”
Use a real competing offer
“I have a written mortgage offer from [PROVIDER] for [TERM / RATE TYPE] at [RATE]%, with these material terms: [SUMMARY]. Before I decide whether to switch, can you match or improve the overall offer? I can provide the written offer if needed. Please include the final rate, payment, fees, penalty wording, prepayment privileges, portability, and conditions in writing.”
Ask for a discretionary review
“I understand this is the current offer shown on the account. I would like the file reviewed by someone authorized to consider another renewal rate or product option. I would prefer to remain with the lender if the complete rate and terms are competitive. Please send any revised offer and material conditions in writing.”
Compare the full cost, not only the rate
“Before accepting, please provide the scheduled payment, remaining amortization, estimated interest cost for the term, annual prepayment allowance, early-break penalty calculation, portability rules, and every fee or condition that may apply. I want to compare the complete product rather than the quoted rate alone.”
Ask for more time and confirm the deadline
“I am not ready to accept the renewal today. Please confirm the renewal date, how long this offer remains available, whether the offered rate can increase before renewal, and what happens if I do not respond by the stated deadline.”
Different-term comparison request
“I am comparing renewal options and do not want to treat different terms as identical products. Can you provide the available renewal options in writing, including the rate, term, payment assumptions, penalty wording, prepayment privileges, portability, fees, and material conditions for each option?”
Short phone script
“I am calling to review the written renewal offer before responding. Can you explain the available renewal options and send the best available rate and complete material terms in writing? I do not want to assume that a public rate or a different product applies to my file.”
What the renewal statement should tell you
For a mortgage with a federally regulated financial institution, FCAC says the lender must generally provide a renewal statement at least 21 days before the term ends. The statement includes the remaining balance, rate, payment frequency, term, and applicable charges or fees. It must also say that the offered rate will not increase before the renewal date.
Read the FCAC mortgage-renewal guidance →Do not misuse benchmark context
A public advertised rate is not proof that you qualify for it. Different terms and rate structures should not be treated as identical products. A comparison should consider the term, fixed or variable structure, remaining amortization, mortgage characteristics, insurance status, payment assumptions, penalties, prepayment privileges, portability, fees, conditions, source date, and eligibility limits.
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. FairRate does not guarantee that a lender will improve an offer, another rate is available, or a particular negotiation, approval, switching, or savings result will occur.
Continue your review
Review straight ports, port-and-increase situations, timing, qualification, and possible penalties.
Review the written offer, product terms, switching friction, and uncertainty before responding.
See the supported comparison contract, data handling, payment math, verdict rules, and limitations.
Frequently asked questions
Can I negotiate my mortgage renewal rate in Canada?
The Financial Consumer Agency of Canada says borrowers can negotiate with their current lender and may qualify for a discounted interest rate below the renewal-letter quote. A lower rate is not guaranteed, and FairRate does not promise that a lender will improve an offer.
What should I include in a mortgage renewal email?
Use the actual written offer, including the quoted rate, term, deadline, payment assumptions, and material conditions. Ask for another available option and request the complete terms in writing. Mention competing offers only when they are real and accurately described.
Should I mention another lender or broker offer?
When accurate, yes. FCAC says borrowers can tell the current lender about offers received from other financial institutions or mortgage brokers and may need to provide proof. Do not invent an offer or imply guaranteed eligibility.
How long before renewal must a bank provide the renewal statement?
For mortgages with federally regulated financial institutions, FCAC says the renewal statement must generally be provided at least 21 days before the end of the existing term. The statement must also say that the offered interest rate will not increase before the renewal date.
Does FairRate negotiate for me?
No. FairRate does not contact lenders, negotiate, arrange mortgages, issue approvals, or provide individualized financial advice. Its benchmark-backed checker currently supports Canadian 3-year fixed and 5-year fixed renewal offers.