Canadian Mortgage Methodology
FairRate Canada is designed to help Canadian borrowers understand whether a mortgage renewal offer appears fair, high, negotiable, or worth a closer review. It is an educational benchmark tool — not a broker, lender, rate guarantee, or financial advisor.
What the report is trying to answer
The core question is simple: based on the details you provide and available Canadian market context, does your quoted renewal rate look reasonable enough to accept, or should you ask questions, negotiate, or shop for alternatives before signing?
Data and inputs used
Quoted renewal rate, term, rate type, amortization, balance, province, and approximate equity position supplied by the borrower.
Publicly available Canadian mortgage-rate context, including Bank of Canada published mortgage lending data where applicable.
Product-specific context such as fixed versus variable rate, insured versus uninsured assumptions, and renewal timing.
FairRate internal benchmark logic that converts the rate gap into a plain-English educational verdict.
How verdicts are created
FairRate compares your quoted rate to relevant Canadian benchmark context and converts the gap into a plain-English verdict. The verdict is not a guaranteed market rate and does not mean you qualify for a specific offer. It is a decision aid that helps you know whether the offer deserves acceptance, negotiation, or more comparison.
Competitive
Your rate appears close to comparable benchmark context.
Suggested next step: You may still ask for a final review, but the offer does not look obviously high from the benchmark alone.
Fair
Your rate appears reasonable, but there may still be room to ask for improvement.
Suggested next step: Use the report questions to confirm whether the lender can sharpen the offer before you accept.
Slightly High
Your rate appears meaningfully above comparable context, but not extreme.
Suggested next step: Ask the lender for a rate exception and compare at least one outside quote before signing.
High / Needs Review
Your rate appears materially above benchmark context or has enough uncertainty to justify caution.
Suggested next step: Do not accept automatically. Ask direct questions, request a better offer, and consider shopping the renewal.
What the paid reports add
Rate Fairness Report
A focused review of the rate itself: fairness verdict, benchmark comparison, estimated payment impact, negotiation questions, and a copy/paste email to send to your lender.
Full Renewal Decision Report
A broader before-you-sign review: rate fairness, switch-vs-stay considerations, penalty and prepayment questions, broker quote checklist, phone script, and final accept / negotiate / shop-around guidance.
Important limitations
Benchmark data can lag live lender offers because public sources are published on a schedule.
Your credit profile, income, property type, mortgage insurance status, relationship pricing, penalties, and lender policies can affect the rate you may actually qualify for.
FairRate does not know every private or promotional lender offer available in the market.
The report is intended to help you ask better questions. It is not a substitute for licensed mortgage, legal, or financial advice.
Independence and privacy
FairRate is not a mortgage broker or lender and does not arrange mortgages.
FairRate does not sell your inquiry to banks, brokers, or lenders.
FairRate does not earn commission from lender referrals.
Your report is private to you and is designed to help you understand your own renewal offer before responding.
Regulatory Disclaimer: FairRate is an independent information and education tool. We are not a mortgage broker, lender, or financial advisor and are not licensed under any provincial mortgage brokering legislation, including the Mortgage Brokerages, Lenders and Administrators Act (Ontario) or equivalent provincial statutes. We do not arrange mortgages, solicit mortgage applications, assess borrower eligibility, or provide credit of any kind. Rate benchmarks are sourced from Bank of Canada published data and are for informational purposes only. They do not represent a guaranteed rate, a rate offer, or financial advice. Results may not reflect your specific lender, credit profile, or market conditions at time of application. Always consult a licensed mortgage professional before making any mortgage decision.
Ready to check your renewal offer?
Start with the free check. You only pay if you want the full report.
Check My Rate Now →