The statement tells you what your lender is offering. Review the written rate, term, payment assumptions, fees, penalties, restrictions, and deadline before you respond.
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.
A renewal statement should give you the core terms of the offer, but it does not automatically explain whether the product is the right fit. Treat it as a written lender offer that needs careful review.
Do not decide from the percentage alone. The same rate can sit inside different payment assumptions, penalty wording, portability rules, prepayment privileges, fees, restrictions, and expiry conditions.
A statement may not explain whether a different term, variable-rate product, refinance, lender switch, or other scenario has the same eligibility, documentation, timing, fee, penalty, and product-restriction rules. Compare only like with like.
A lower advertised rate is not proof that you qualify for it or that it is cheaper after all costs. Verify actual written alternatives before relying on a comparison.
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.
It is the notice or statement your lender gives before your mortgage term ends. It should show key renewal details such as balance, rate, term, payment frequency, fees, timing, and whether the lender will renew.
No. A renewal statement explains the offer and terms. It does not, by itself, prove that the rate or product terms are fair, unfair, best, or unsuitable for your situation.
Check the quoted rate, term, fixed or variable structure, payment amount, remaining balance, amortization, fees, automatic-renewal language, deadline, penalty wording, prepayment privileges, portability, and product restrictions.
FairRate Canada’s benchmark-backed free checker and paid benchmark reports currently support Canadian 5-year fixed renewal offers only. It provides educational market-context and scheduled-payment comparison, not mortgage advice or approval.
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.