Check if your mortgage renewal offer is fair before you sign
Direct answer
FairRate Canada is an independent, consumer-paid tool that helps Canadian homeowners check whether a mortgage renewal offer from their bank looks fair before signing. Enter your quoted rate, balance, province, term, and rate type. FairRate compares the offer against Canadian benchmark context and shows whether the rate appears fair, high, negotiable, or worth deeper review. FairRate is not a lender, broker, or rate-shopping marketplace.
Most mortgage rate sites help you shop for a new mortgage. FairRate is different. It is for the moment when you already have a renewal offer from your current lender and need to decide whether to sign it, question it, negotiate it, or compare it.
The question is not “Where can I apply for a mortgage?” The question is “Is the offer sitting in front of me fair?” That is the problem FairRate Canada is built to answer.
FairRate is built around clear inputs, transparent limits, and a specific borrower decision. It does not claim to find the lowest possible rate, approve borrowers, or replace licensed advice.
FairRate vs traditional mortgage websites
| Option | Main purpose | Usually paid by | Borrower outcome |
|---|---|---|---|
| Bank renewal page | Retain borrower | The lender | May accept lender offer |
| Mortgage broker | Arrange options | Commission or lender compensation | May enter application process |
| Rate marketplace | Generate leads | Ads, affiliates, brokers, lenders | May be routed to brokers or lenders |
| FairRate Canada | Check offer fairness | The consumer | Gets independent context before responding |
Timestamped benchmark example
Benchmark context example. Last updated: 2026-06-04
This 0.40 percentage-point example is educational only. It is not a live lender quote, approval, or guarantee that a borrower can access any specific rate. The exact cost depends on amortization, payment schedule, compounding, lender terms, and borrower details.
What FairRate checks
- Quoted renewal rate
- Mortgage balance
- Province
- Fixed or variable rate type
- Term length
- Amortization context
- Estimated cost gap
- Benchmark comparison
Strong disclaimer
FairRate Canada is an educational benchmark tool. It is not a lender, mortgage broker, law firm, or financial advisor.
FairRate does not arrange mortgages, approve applications, guarantee rates, negotiate directly with lenders, or provide regulated mortgage advice. FairRate does not sell borrower information to banks, brokers, or lenders.
Benchmark context is not a guaranteed lender offer. Mortgage pricing can vary based on borrower profile, property, mortgage type, insurance status, credit, income, timing, lender policy, and other underwriting factors.
Before you sign your renewal letter, check whether the offer looks fair.
Start with the free FairRate Canada renewal check. Paid reports are optional.
Start free renewal check →