Decode your mortgage renewal letter before you sign.
Your lender's renewal letter is not necessarily the best available offer. Enter the key details from your letter and FairRate will help you understand what the offer means, what questions to ask, and whether the rate may deserve a second look.
Free to use. FairRate is paid by borrowers, not banks or brokers. Nothing you enter is shared with lenders.
Enter your renewal letter details
All fields optional except lender, province, balance, offered rate, and term.
Complete lender, province, balance, rate, term, and rate type to decode.
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This estimate is educational only. For a personalized review, order a FairRate Rate Fairness Report. We review your renewal offer, compare it against available market information, and explain whether the gap appears reasonable before you commit.
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What your renewal letter is and is not
What it is
- ✓An offer from your current lender — not a guarantee or requirement
- ✓A starting rate that may or may not be competitive
- ✓A document that locks in nothing until you sign
- ✓An opportunity to negotiate or compare before the deadline
What it is not
- ✗Proof that the rate is the best available
- ✗Your only option at renewal
- ✗A document that requires an immediate response
- ✗Evidence that switching would cost more than staying
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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.