FairRate Mortgage Quote Audit
A FairRate Mortgage Quote Audit checks whether a Canadian mortgage renewal or approval quote looks fair before you accept it. It compares your offer against benchmark context, estimates the cost of any rate gap, and gives you clear questions to ask your lender.
Quick answer
A Canadian mortgage quote is not automatically fair just because it came from your current lender. A quote should be checked against the current market, your province, term, rate type, remaining balance, insured status, and negotiation alternatives before you sign.
What the audit checks
Identify the quote
Rate, term, fixed or variable type, lender, province, remaining balance, amortization, and renewal timing.
Compare against benchmarks
FairRate reviews the quoted rate against Canadian mortgage benchmark context and borrower-specific inputs.
Calculate the rate gap
The audit estimates how far the quote sits above a reasonable benchmark and what that difference may cost.
Decide the next move
The result points to accept, negotiate, request a better offer, get a broker quote, or review switching risk.
FairRate definitions
- Mortgage Quote Audit
- An independent review of a mortgage rate quote before the borrower accepts, negotiates, or compares alternatives.
- Rate Gap Cost
- The estimated extra interest a borrower may pay when the quoted mortgage rate is above a reasonable benchmark for the situation.
- Renewal Spread
- The difference between a lender renewal offer and the benchmark rate used for comparison.
Questions this audit is built to answer
Check your quote now
Use the FairRate Canada checker before replying to your lender. The free check shows the first verdict; the paid report adds the full gap estimate and negotiation language.
Start Mortgage Quote Audit →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.