Free borrower script

The 7 Questions to Ask Before Signing a Mortgage Renewal

Most borrowers do not need a complicated pitch. They need a clear, factual way to ask whether the renewal offer can be reviewed before they accept it.

Get the free renewal negotiation script by email

We’ll send you the 7 questions to ask your lender before signing, plus a short checklist for spotting an unfair renewal offer.

Before you call your lender

Run your FairRate check first so you can speak with numbers: your offered rate, your term, your balance, and the estimated rate-gap cost.

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The script

“I’m reviewing the renewal offer before signing. The quoted rate is [rate] for [term]. Before I accept, can you please confirm whether this is your best available renewal offer for my file?”

“I’m also comparing the estimated cost of different term options. Please let me know whether another term, product, or reviewed rate would be more competitive before the renewal deadline.”

The 7 questions

1. Is this your best available renewal offer for my file?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

2. Are there other term options available with better pricing?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

3. What rate would I qualify for today as a new borrower with similar details?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

4. Are there any fees, restrictions, or timing issues if I switch lenders at renewal?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

5. Can you explain the cost difference between the available term options?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

6. What flexibility changes between these options, including prepayment privileges?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

7. How long is this offer valid, and can it be reviewed before I accept?

Keep the request factual. You are not claiming another rate is guaranteed. You are asking the lender to review the offer before you accept it.

What to avoid

  • Do not say you are guaranteed a lower rate elsewhere unless you have a written offer.
  • Do not ignore fees, timing, or switching restrictions.
  • Do not sign only because the renewal letter looks routine.

Check the offer before you ask.

FairRate is paid by borrowers, not lenders. No broker sales calls. No lender referrals.

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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.