What is the RenewalRate.ca offer-completeness checklist?

An 8-item review of what your renewal letter should include but may not. The eight items: prepayment privilege percentage, blend-and-extend availability, portability if you move, collateral charge flag, posted-versus-negotiated rate distinction, early renewal terms, IRD calculation method disclosure, and skip-a-payment provisions. A renewal offer that omits four or more is structurally weaker than one that includes them all, even at the same rate.

Is my bank's renewal offer rate negotiable?

Almost always. The rate on a renewal letter is a starting position, not a final offer. Federally regulated lenders are required to provide renewal terms at least 21 days before maturity, but they are not required to provide their best rate up front. Bringing a competing quote from a mortgage broker or another lender into the conversation typically moves the offer 10 to 30 basis points, sometimes more on larger balances.

What's a competitive 5-year fixed rate in 2026?

As of late April 2026, broker-channel five-year fixed rates for strong credit profiles sit roughly in the 4.04 to 4.29 per cent range, with insured rates lower than uninsured. Posted rates at major banks run higher. The calculator's market comparison uses the lower end of this range as a benchmark; check Ratehub or a mortgage broker for rates tailored to your file.

Renewal letter decoder

Your bank just sent the renewal letter. Now decode it.

Enter the rate they offered, your balance, and your remaining amortisation. The calculator returns the dollar difference compared to current market rates and runs your offer through the eight-item completeness checklist most renewal letters quietly fail. The math is the Interest Act's semi-annual compounding formula. Nothing leaves the browser.

Your renewal letter

Numbers update as you type.

Remaining balance

Current rate

The rate on the mortgage that's now maturing.

Lender's offered rate

The rate on your renewal letter. Look for "special rate" or "negotiated rate," not the posted rate.

Remaining amortization

yrs

Years until fully paid off, not years left on the term.

Term length offered

yrs

Your lender (optional)

Surfaces lender-specific guidance below.

Your monthly change vs current

+$574/mo

That's $6,888 more per year at the offered rate. Over the 5-year term, a total of $34,440 more in payments.

Your offer is 75 basis points above market. Late April 2026 broker-channel five-year fixed rates run roughly 4.04 to 4.29 per cent for strong credit. Your letter's 4.79 per cent is materially higher than what brokers are quoting on comparable files.

Current monthly payment

$1,791.32

At offered rate

$2,365.00

At market rate (4.04%)

$2,209.00

Term-total at offer vs market

+$9,360

The 8-item offer-completeness checklist

Tick what's explicitly in your renewal letter. If your bank's offer doesn't say it, it doesn't exist. The checklist is RenewalRate.ca's framework for distinguishing a complete offer from a thin one at the same rate.

Prepayment privilege percentage stated

A specific number (10%, 15%, 20%) for annual lump-sum prepayment. "Prepayment options available" without a number is not a commitment.

Blend-and-extend availability

Whether you can blend your current rate with a new term mid-renewal if rates drop further. Most banks offer this; few mention it in the letter.

Portability if you move

Confirmation that the mortgage moves with you to a new home without breaking the term. Critical for anyone considering relocation in the next 5 years.

Charge type clearly stated (collateral vs conventional)

TD and several credit unions register collateral charges by default. Switching out costs more (full discharge + re-registration legal fees, $500-1,000+).

Posted vs negotiated rate distinguished

A renewal letter that quotes only one rate is hiding the spread. The posted rate is what they advertise; the negotiated rate is what you should pay.

Early renewal terms stated

Whether you can renew earlier than the maturity date without penalty. Most lenders allow this in the final 120 days but rarely volunteer it in writing.

IRD calculation method disclosed

If you break the term early, the Interest Rate Differential penalty calculation varies massively between lenders. Big banks typically use the largest discount to inflate the penalty. The letter should reference how it's calculated.

Skip-a-payment / payment vacation provisions

Whether you can pause one or more payments per year without penalty if needed. Useful for unexpected income disruption; worth knowing it exists.

Tick the items in your offer letter.

A complete offer includes all 8 items. Most bank renewal letters include 2 to 4. The gap between a complete and incomplete offer is often the most expensive part of a renewal, dollar-for-dollar.

A complete offer at market rate is the goal.

Your bank quoted one rate with limited terms. A licensed Canadian mortgage brokerage can put the same file against thirty or more lenders and run the offer-completeness checklist against each one. Homewise is an Ontario-based FSRA-licensed brokerage that handles the comparison through a short online application. Free to the borrower; the brokerage is paid by the lender on funded files.

Get a complete-offer comparison from Homewise →

Affiliate link. RenewalRate.ca earns a commission if your mortgage funds through Homewise. This does not change the rate or fees offered to you, and our editorial coverage is not influenced by partner relationships. Homewise is an FSRA-licensed mortgage brokerage (licence #12984).

Methodology

Canadian fixed-rate mortgages compound twice a year by convention (Interest Act, RSC 1985, c. I-15, s. 6). Borrowers pay monthly. The calculator converts the offered annual rate to an effective monthly rate using ((1 + r/2)^2/12) − 1, then runs a standard amortisation payment over the remaining years.

Market rate comparison uses 4.04 per cent as the late-April 2026 benchmark for broker-channel five-year fixed insured rates. Actual market rates fluctuate weekly and vary by lender, file quality, insured status, and amortisation. The benchmark is a reference point, not a quote.

Nothing entered here is transmitted, logged, or saved. The arithmetic runs in your browser. Refresh the page and the inputs are gone.

Common questions

What's the offer-completeness checklist?

Eight features that should appear in any well-built renewal offer. Most bank renewal letters explicitly mention two to four. The remaining items are not necessarily absent from the underlying mortgage product, but if they aren't in the letter, you don't have a written commitment to them. The checklist is RenewalRate.ca's framework for normalising the comparison.

Is the offered rate negotiable?

Almost always. The renewal letter is an opening offer. Federally regulated lenders are required to provide renewal terms 21 days before maturity but are not required to lead with their best rate. Bringing a competing quote into the conversation typically moves the offer 10 to 30 basis points, sometimes more on larger balances.

Why does the collateral charge flag matter?

A collateral charge is registered against the property for an amount higher than the mortgage itself. TD, Tangerine, and several credit unions register them by default. Switching to another lender at renewal requires a full discharge and re-registration with legal fees of $500 to $1,000 plus typical lawyer costs, where a conventional charge can usually be transferred in for free. The letter should flag this.

What's a competitive five-year fixed rate right now?

As of late April 2026, broker-channel five-year fixed rates for strong credit profiles sit roughly in the 4.04 to 4.29 per cent range. Insured rates run lower than uninsured. Big-bank posted rates sit higher. Check Ratehub or a mortgage broker for rates tailored to your file.

Does this calculator save my data?

No. All math runs in your browser. Nothing is sent to any server, saved to any database, or shared with any third party.