The 21-day statement is a minimum timing rule for federally regulated financial institutions. It is not proof that a renewal offer is fair, unfair, best, or unsuitable. Use the notice to review the written terms before responding.
Already received a renewal offer from your lender?
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If your mortgage is with a federally regulated financial institution, the lender must provide a renewal statement at least 21 days before the end of the existing term, or notify you if it will not renew the mortgage.
The notice helps with timing. It does not, by itself, prove that the rate, payment, term, fees, penalties, or restrictions are good or bad for your situation.
Twenty-one days can be tight if you need documents, a lender review, a broker discussion, or approval from a new lender. A few months before maturity, gather your current mortgage documents, balance, payment information, maturity date, and lender contact details.
Earlier planning does not guarantee a different rate or outcome. It simply gives you more time to read the written terms and ask factual questions.
FairRate Canada's benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. Variable-rate offers, shorter fixed terms, refinances, purchase mortgages, and complex restructuring scenarios should not be forced against that reference.
FairRate provides educational market-context and scheduled-payment comparison. It does not arrange mortgages, guarantee approval, guarantee another rate, guarantee savings, or provide legal, financial, brokerage, underwriting, or lender advice.
For federally regulated financial institutions, the lender must provide a renewal statement at least 21 days before the existing mortgage term ends, or notify you if they will not renew.
It may be enough to review a simple renewal, but it can be tight if you need documents, a full approval, or a lender switch. Start reviewing a few months before maturity when possible.
It may, if your lender uses automatic renewal and says so in the renewal statement. Review the statement and ask the lender what happens if you do not respond before maturity.
Review the written rate, term, balance, payment assumptions, fees, deadline, automatic-renewal wording, penalty terms, prepayment privileges, portability, and restrictions before responding.
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.