FAIRRATE CANADA
MORTGAGE RENEWAL OFFER CHECKLIST

Updated: September 3, 2026
Methodology version: 2026-09-01.1
Canonical guide: https://www.fairratecanada.ca/guides/mortgage-renewal-checklist-canada
Methodology and limitations: https://www.fairratecanada.ca/methodology
Free supported-offer checker: https://www.fairratecanada.ca/rate-checker

Use this checklist when reviewing a written Canadian mortgage renewal offer.

1. WRITTEN OFFER
[ ] Exact interest rate
[ ] Fixed or variable rate type
[ ] Term length
[ ] Offer expiry date
[ ] What happens if no response is provided before maturity

2. PAYMENT ASSUMPTIONS
[ ] Remaining mortgage balance
[ ] Remaining amortization
[ ] Payment frequency
[ ] Scheduled payment amount
[ ] Date the new payment begins

3. FLEXIBILITY AND CONDITIONS
[ ] Early-break penalty wording and calculation
[ ] Annual prepayment privilege
[ ] Payment-increase options
[ ] Portability rules and conditions
[ ] Restrictions, promotional conditions, cashback clawbacks, or special terms

4. FEES AND SWITCHING COSTS
[ ] Discharge or transfer fees
[ ] Appraisal costs
[ ] Legal or notarial costs
[ ] Registration and title-insurance costs
[ ] Administration fees
[ ] Whether any quoted alternative includes conditional incentives

5. QUESTIONS TO ASK IN WRITING
[ ] Is this the lender's final available renewal rate for this exact product?
[ ] Are other renewal terms or structures available?
[ ] Can all fees, restrictions, penalty wording, and expiry terms be confirmed in writing?
[ ] If comparing another offer, is it genuinely like-for-like after eligibility and transaction costs?

BEFORE SIGNING

Do not judge an offer from the headline rate alone. Confirm the written product terms, payment assumptions, flexibility, costs, restrictions, and deadline. An advertised or alternative rate is not proof of eligibility or savings.

FAIRRATE CANADA SCOPE AND LIMITATIONS

FairRate Canada's benchmark-backed checker currently supports Canadian 5-year fixed mortgage renewal offers only. Variable-rate offers, shorter fixed terms, refinances, purchase mortgages, and complex restructuring scenarios should not be forced against that reference.

FairRate Canada provides educational market context. It is not a lender, broker, mortgage agent, brokerage, law firm, financial advisor, or underwriter. It does not guarantee approval, another available rate, savings, or a particular outcome.

REPRODUCING OR ADAPTING THIS CHECKLIST

When reproducing or adapting this checklist:

1. Record the checklist update date and methodology version shown above.
2. Link to the canonical guide and methodology.
3. Preserve the supported-offer scope and limitations.
4. Identify any additions, removals, or local adaptations as your own.

Suggested citation:
FairRate Canada, "Mortgage Renewal Offer Checklist," updated September 3, 2026, methodology version 2026-09-01.1, https://www.fairratecanada.ca/press/FairRate_Mortgage_Renewal_Checklist.txt

Editorial and educational sharing is permitted with attribution to FairRate Canada. Do not remove the scope and limitations above.