Sources: Mortgage switch-cost calculator (Canada, 2026)

Every load-bearing claim on Mortgage switch-cost calculator (Canada, 2026) is recorded below with its primary source, source vintage, verbatim quoted text, math or extrapolation if applicable, and a confidence tier visible on every entry. Methodology: /methodology.

18 verified claims Tier A: 13 · Tier B: 2 · Tier C: 3 Last reviewed: 2026-05-01 JSON download

How to read this ledger. Each row shows the claim, its type, and its confidence tier (A canonical authority, D anecdotal). Click "Expand" on any row to open the full source citation, the verbatim quoted text, the Wayback archive, math or extrapolation if the figure was derived, and the next-review-due date. Filter by claim type below.

claim-001
RegulationTier A

Effective November 21, 2024, OSFI exempted uninsured straight switches from the prescribed Minimum Qualifying Rate.

OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits·Verified 2026-05-01
Primary source
OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits
Publisher
Office of the Superintendent of Financial Institutions
Source published
2024-11-21
Source vintage
2024-11-21
Source URL
https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: OSFI exempts uninsured mortgage straight switches from prescribed MQR
Source: OSFI exempts uninsured mortgage straight switches from prescribed MQR · Office of the Superintendent of Financial Institutions · link
Effective today, OSFI will no longer prescribe the minimum qualifying rate (MQR) that it expects federally regulated financial institutions (institutions) to apply when uninsured mortgage borrowers switch to a new institution at renewal
✓ head fragment matches
OSFI's letter directly establishes the MQR exemption for uninsured straight switches. This atom proves the substance of the exemption.
Part 2 of 2
What this verifies: OSFI letter dated November 21, 2024
Source: OSFI exempts uninsured mortgage straight switches from prescribed MQR (Date modified) · Office of the Superintendent of Financial Institutions · link
November 21, 2024
✓ head fragment matches
The OSFI page footer carries the publication date 'November 21, 2024' as page metadata; the same date also appears in the announcement body. This atom proves the effective date of the exemption.
Wayback archive
https://web.archive.org/web/20260430213548/https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
Conditions for the claim to hold
Uninsured mortgage
Same loan amount (no increases)
Same remaining contractual amortization (no increases)
Same borrowers
Switch occurs at term end (renewal)
Switch is from one federally regulated financial institution to another
Inference logic
OSFI press release announcing the MQR change for uninsured straight switches. Specific 'November 21, 2024' effective date stripped from claim text because the OSFI press-release URL returned 404 in this verification pass; the qualitative 'late 2024' framing matches the documented timing without depending on a single calendar date.
Where in the article
section 'mqr-exemption', paragraph 1; FAQ 'Do I have to requalify when I switch lenders?'
Last verified
2026-05-01
Next review due
2027-04-30
2026-04-30 · Initial entry. Verified verbatim against OSFI source via curl. Cross-references knowledge/mortgage/osfi-mqr-exemption-2024.md distilled lesson. Wayback snapshot needed.
2026-04-30 · datePublished aligned from 2024-09-24 to 2024-11-21 to match all 5 sibling ledgers that cite the same OSFI MQR-exemption guidance with the November 21 2024 effective date. Vintage already 2024-11-21; this brings datePublished into alignment per external auditor cross-ledger consistency check.
2026-05-01 · PATH C: stripped 'November 21, 2024' specific; OSFI press release URL returned 404 on re-verification, leaving no curlable verbatim for the date
2026-05-01 · ITER-16 PATH A: SQ extended to include OSFI publication date 'November 21, 2024'.
2026-05-01 · ITER-24 LINT FIX: SQ replaced with literal page text (same fix as refinance:claim-002).
2026-05-01 · ITER-29 PER-FACT DECOMPOSITION: split into two atoms - one for the exemption substance, one for the November 21 2024 date. Each atom carries its own URL, source_quote, screenshot_actions targeted at the specific fact. The principal's directive: every data point in claim text gets its own verbatim + highlighted screenshot.

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claim-002
RegulationTier A

B-20 sound underwriting still applies on uninsured straight switches even with the OSFI MQR exemption.

OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits·Verified 2026-05-01

Primary source
OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits
Publisher
Office of the Superintendent of Financial Institutions
Source published
2024-11-21
Source vintage
2024-11-21
Source URL
https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: OSFI exempts uninsured mortgage straight switches from prescribed MQR (Nov 21, 2024)
Source: OSFI exempts uninsured mortgage straight switches from prescribed MQR · Office of the Superintendent of Financial Institutions · link
Effective today, OSFI will no longer prescribe the minimum qualifying rate (MQR) that it expects federally regulated financial institutions (institutions) to apply when uninsured mortgage borrowers switch to a new institution at renewal
✓ head fragment matches
OSFI's letter literally announces the MQR exemption for uninsured straight switches.
Part 2 of 2
What this verifies: OSFI letter directs FRFIs to continue applying B-20 sound underwriting on switches
Source: OSFI letter B-20 reference · Office of the Superintendent of Financial Institutions · link
should continue to apply principles of sound residential mortgage underwriting set out in Guideline B-20
✓ head fragment matches
OSFI's letter directly says B-20 sound underwriting still applies even with the MQR exemption.
Wayback archive
https://web.archive.org/web/20260430213548/https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
Composed from
claim-001
Where in the article
section 'mqr-exemption', paragraph 1; FAQ 'Do I have to requalify when I switch lenders?'
Last verified
2026-05-01
Next review due
2027-04-30

2026-04-30 · Initial entry. Verified verbatim against OSFI source via curl. Distinguishes the MQR exemption from a blanket no-underwriting rule. Wayback snapshot needed.
2026-05-01 · ITER-16 PATH B: dropped 'income/credit/capacity ratios' parenthetical; SQ supports underwriting framework directionally but does not enumerate the three pillars.
2026-05-01 · ITER-27 FIX: decomposed into evidence array (MQR exemption + B-20 framework). Parenthetical specifics ('income verification, credit assessment, capacity ratios') removed from claim text because B-20 page heading does not literally enumerate them; the underwriting-framework reference is sufficient and verifiable.
2026-05-01 · ITER-31: 2 atoms - exemption + B-20-still-applies clause from same OSFI letter. Iter-29 had only the exemption + B-20 page heading; the OSFI letter itself directly says 'should continue to apply principles of sound residential mortgage underwriting set out in Guideline B-20' which is a stronger anchor.

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claim-003
RegulationTier A

OSFI's MQR specification (pre-November 2024) prescribed contract rate plus 2 per cent or 5.25 per cent, whichever was higher.

Minimum qualifying rate for uninsured mortgages·Verified 2026-04-30

Primary source
Minimum qualifying rate for uninsured mortgages
Publisher
Office of the Superintendent of Financial Institutions
Source published
2024-11-21
Source vintage
2024-11-21
Source URL
https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: OSFI MQR formula (pre-Nov 2024): contract rate plus 2 per cent or 5.25 per cent, whichever is higher
Source: Minimum qualifying rate for uninsured residential mortgages · Office of the Superintendent of Financial Institutions · link
The greater of the mortgage contract rate plus 2% or 5.25%
✓ head fragment matches
OSFI's MQR page documents the pre-Nov 2024 formula directly.
Part 2 of 2
What this verifies: OSFI exempts uninsured straight switches from prescribed MQR (effective Nov 21, 2024)
Source: OSFI exempts uninsured mortgage straight switches from the prescribed MQR · Office of the Superintendent of Financial Institutions · link
Effective today, OSFI will no longer prescribe the minimum qualifying rate (MQR) that it expects federally regulated financial institutions (institutions) to apply when uninsured mortgage borrowers switch to a new institution at renewal
✓ head fragment matches
OSFI's Nov 21 2024 letter removes the prescribed MQR for uninsured straight switches. The exemption is narrow (straight switches only) and B-20 sound underwriting still applies.
Wayback archive
https://web.archive.org/web/20260501010051/https://www.osfi-bsif.gc.ca/en/supervision/financial-institutions/banks/minimum-qualifying-rate-uninsured-mortgages
Inference logic
Pre-Nov 2024 OSFI prescribed MQR for uninsured loans = greater of (contract rate + 2%) or 5.25% floor. Article describes the historical state of the rule prior to the exemption to motivate the relevance of the change for tight-file renewers.
Composed from
claim-001
Where in the article
section 'mqr-exemption', paragraph 1; FAQ 'Do I have to requalify when I switch lenders?'
Last verified
2026-04-30
Next review due
2027-04-30

2026-04-30 · Initial entry. Source paired with claim-001; the dedicated OSFI MQR page is the canonical exemption-text page; the +2% / 5.25% floor framing is the legacy B-20 prescription that the exemption removes for the straight-switch case. Wayback snapshot needed.
2026-05-01 · ITER-14 FIX: source_quote replaced with literal OSFI MQR-page text 'Current rate: The greater of the mortgage contract rate plus 2% or 5.25%.' This is the canonical primary source for the contract-rate-plus-2% / 5.25% floor formula. verbatim_check restored to true.
2026-05-01 · ITER-27 FIX: demoted 'previously made switching difficult' editorial framing. Decomposed into MQR formula atom + Nov 2024 exemption atom (so both the historical floor and the current exemption are in the evidence chain).

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claim-004
RegulationTier A

Canadian fixed-rate mortgages must be calculated using semi-annual compounding not in advance under Interest Act s. 6, yielding effective monthly rate i = ((1 + r_nominal/2)^(2/12)) - 1.

Interest Act, R.S.C. 1985, c. I-15, s. 6·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Source verbatim text
calculated yearly or half-yearly, not in advance
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Applies to Canadian fixed-rate residential mortgages; variable-rate mortgages and HELOCs use different conventions
Inference logic
Interest Act s. 6 requires Canadian fixed-rate residential mortgages to disclose interest calculated semi-annually not in advance. The mathematical implication is that for a nominal annual rate r, the effective monthly rate used in amortization is i = ((1 + r/2)^(2/12)) - 1, not r/12. The calculator's monthlyRate() function implements this conversion.
Where in the article
section 'math', paragraph 1 (compounding methodology); calculator JS function monthlyRate()
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. Verified verbatim against laws-lois.justice.gc.ca via curl. Anchor phrase 'calculated yearly or half-yearly, not in advance' is the load-bearing substring from the current consolidated text. Per pitfalls doc, the older 'on real property or an immovable, by any instalments' clause was removed by 2001 amendment and must NOT be quoted. Wayback snapshot needed.

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claim-005
StatisticTier B

Switch cost has two FCAC-published line items: discharge fee from the outgoing lender (typically no charge up to $400) and professional fees for legal work (typically between $400 and $2,500).

Mortgage discharge·Verified 2026-04-30
Primary source
Mortgage discharge
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: Discharge fee typically no charge up to $400
Source: Discharging a mortgage - Canada.ca · Financial Consumer Agency of Canada · link
If your mortgage contract requires you to pay a mortgage discharge fee, the lender can set its own fee. This typically ranges from no charge, up to $400.
screenshot captured · verbatim cross-checked by lint
Part 2 of 2
What this verifies: Professional fees typically between $400 and $2,500
Source: Discharging a mortgage - Canada.ca (Professional fees section) · Financial Consumer Agency of Canada · link
You may have to pay fees when you work with a professional to discharge your mortgage. This can include a lawyer, a notary and/or a commissioner of oaths. These fees are typically between $400 and $2,500.
✓ matches page
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
FCAC professional-fees range ($400 to $2,500) covers full discharge professional services including refinance scenarios; switch context narrows to $500-$1,500
Discharge fee 'no charge up to $400' is the FCAC ceiling; article's $200 lower bound reflects industry practice on Big Six switches, not a regulated minimum
Inference logic
Compound claim decomposed. Three line items: discharge ($0-$400 per FCAC), legal ($500-$1,500), appraisal ($250-$500). Discharge and legal atoms anchor on FCAC verbatim. Appraisal atom is industry-practice (Tier C). Discharge upper bound per FCAC 'no charge, up to $400'; lower bound is $0 (FCAC literal) reflecting that some files incur no discharge fee.
Where in the article
FAQ 'What does it cost to switch mortgages at renewal in Canada?'; section 'line-items'
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. Verified verbatim against FCAC mortgage-discharge.html via curl. Per pitfalls doc, the older transferring-mortgage.html URL (cited in the article body Sources list) returns 404 and must be replaced with mortgage-discharge.html in a follow-up edit. Article's $500-$1,500 legal range narrows FCAC's $400-$2,500 professional-fees range to the switch-only context (no new principal registration). Appraisal range is industry practice; tier B overall because two of three line items anchor to FCAC. Wayback snapshot needed.
2026-04-30 · DECOMPOSED. Compound claim split into 3 evidence atoms (discharge, legal, appraisal). Discharge and legal atoms carry FCAC verbatim. Appraisal atom marked verbatim_check=false (industry practice, no FCAC dollar). Per editor decomposition rule.
2026-04-30 · m2 fix per external auditor. Discharge-fee range aligned to FCAC's literal 'no charge, up to $400' verbatim ($0 to $400 per FCAC). Previous $200 lower bound was Big Six practical floor, not FCAC; replaced to remove inconsistency between this claim and claim-008 which had cited $250 to $400. Article copy at mortgage-switch-cost-canada.html lines 146, 219, 228, 245 updated to match. Inference_logic and atom-1 inference_logic updated to anchor on the FCAC literal range honestly.
2026-05-01 · ITER-14 FIX: dropped atom citing appraisal $250-500. No primary source for that specific range. Claim text demoted to 'appraisal (variable)'. Article body must qualify or drop the $250-500 appraisal figure.
2026-05-01 · PATH B: re-decomposed into 2 atoms (discharge $0-$400, professional $400-$2,500); appraisal atom dropped (no FCAC verbatim for the $250-$500 appraisal range)

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claim-006
StatisticTier A

FCAC professional fees for a mortgage discharge are typically between $400 and $2,500.

Mortgage discharge·Verified 2026-04-30
Primary source
Mortgage discharge
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Source verbatim text
These fees are typically between $400 and $2,500.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
FCAC range covers professional fees broadly (lawyer, notary, commissioner of oaths) and applies across discharge contexts including refinance and sale
On a switch (no new principal registration) the practical range narrows to FCAC's lower band, typically $500 to $1,500
Inference logic
FRAMING-LANGUAGE GAP. The FCAC mortgage-discharge consumer page verbatim verifies the $400 to $2,500 range. The qualifier 'typically' tracks FCAC's own framing: the page presents the range as a typical-fee envelope, not a regulated minimum/maximum. Anyone disputing the qualifier can verify via the FCAC mortgage-discharge page directly (current as of last verification).
Where in the article
section 'line-items', legal/title-transfer paragraph (range cited in article body) and FAQ
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. Verified verbatim against FCAC mortgage-discharge.html via curl. Tier A because the $400-$2,500 range comes directly from the canonical FCAC consumer-guidance page. Wayback snapshot needed.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.

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claim-007
RegulationTier A

Federally regulated lenders, such as banks, must disclose the mortgage discharge fee in your mortgage contract.

Mortgage discharge·Verified 2026-04-30

Primary source
Mortgage discharge
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Source verbatim text
Federally regulated lenders, such as banks, must disclose the mortgage discharge fee in your mortgage contract.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Where in the article
section 'line-items', discharge-fee paragraph (implicit; supports the claim that the discharge fee is contractually fixed and rarely absorbed)
Last verified
2026-04-30
Next review due
2026-10-30

2026-04-30 · Initial entry. Verified verbatim against FCAC mortgage-discharge.html via curl. Supports the article's framing that the discharge fee is contractually fixed and rarely absorbed by the receiving lender. Wayback snapshot needed.

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claim-008
StatisticTier C

Mortgage discharge fees typically run from no charge up to $400, per FCAC.

Mortgage discharge·Verified 2026-04-30
Primary source
Mortgage discharge
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Source verbatim text
If your mortgage contract requires you to pay a mortgage discharge fee, the lender can set its own fee. This typically ranges from no charge, up to $400.
Source screenshot
Captured 2026-05-01 via headless Chromium. Screenshot captured · verbatim cross-checked by lint
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
Specific Big Six discharge fees vary by institution and require lookup in each lender's standard charge terms or current disclosure
Provincial credit unions are regulated by FSRA (ON), AMF (QC), and other provincial regulators; fee schedules vary
Inference logic
FCAC anchors the upper bound at $400 (lender-side discharge fee, no charge to $400). Specific Big Six floor of $250 is industry practice from broker-channel knowledge of currently disclosed discharge fees in standard charge terms; per claim-007, federally regulated lenders must disclose the fee in the mortgage contract, but FCAC does not publish a Big-Six-specific table. Per FSCO/FSRA-credit-union split, provincially regulated credit unions occasionally disclose higher fees. Tier C because the $250 lower bound and credit-union-higher generalization are not anchored to a single primary document.
Composed from
claim-007
Where in the article
section 'line-items', discharge-fee paragraph
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. Tier C because the $250 lower bound is industry practice, not a single-document figure. The FCAC $400 upper bound is the canonical anchor. Recommend follow-up data pull from RBC/TD/BMO/CIBC/Scotia/National Bank standard charge terms to upgrade to Tier B with a per-lender table.
2026-04-30 · m2 fix per external auditor. Range aligned to FCAC's literal 'no charge, up to $400' ($0 to $400). Previous $250 lower bound was practical-floor industry-practice, not regulator-published; replaced to remove inconsistency with claim-005 which had cited $200 to $400. Both claims now consistent: $0 to $400 per FCAC, with most Big Six files clustered near upper bound. Article copy at mortgage-switch-cost-canada.html line 219 already updated to FCAC framing in same pass.
2026-05-01 · PATH C: stripped 'clustered near upper bound' and 'credit unions higher' qualifiers; FCAC verbatim only carries the $0-$400 range

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claim-009
StatisticTier C

FCAC directs consumers to ask the receiving lender whether they will cover the cost of a mortgage discharge.

Mortgage discharge·Verified 2026-05-01
Primary source
Mortgage discharge
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Source verbatim text
Ask your new lender if they will cover the costs of a mortgage discharge as part of your switch.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
Absorption thresholds and clean-file definitions vary by lender and change with rate-cycle competitive intensity
Reader must confirm in writing with the receiving lender per article 'next steps' instruction
Inference logic
FCAC describes lender-shopping at switch; specific '$300,000 threshold' and 'clean-file' framings stripped per verbatim-supports-claim rule (not in the verbatim).
Where in the article
section 'line-items', lender-absorption-variable paragraph; FAQ 'What does it cost to switch'
Last verified
2026-05-01
Next review due
2026-10-30
2026-04-30 · Initial entry. Tier C because absorption practice is industry pattern, not a single-document figure. FCAC anchors the existence of absorption (consumer should ask) but not the specific balance threshold or clean-file gating. The article correctly frames this with hedging language ('common, not universal').
2026-05-01 · PATH C: stripped $300,000 and clean-file specifics; FCAC verbatim only establishes the lender-shopping framework
2026-05-01 · ITER-16 PATH B: dropped 'common but not universal' editorial qualifier; SQ supports absorption practice without frequency claim.
2026-05-01 · ITER-18 FIX: replaced editorial 'absorption is common but not universal' synthesis with FCAC's literal direction. SQ now contains the load-bearing fact (FCAC tells consumers to ask).

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claim-010
MathTier A

On a $400,000 balance with 25-year amortization remaining at 4.94 per cent renewal letter offer versus 4.29 per cent market (65 bp gap), five-year interest savings are approximately $12,500.

Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Methodology source verbatim
calculated yearly or half-yearly, not in advance
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Result depends on rate inputs holding for the full 5-year term (no early break, no rate change)
Calculator does not model prepayment privileges, portability, or product-feature differences
Math / extrapolation
$Inputsbalance$400,000✓ Calculator default; representative for 2020-2021 origination cohort with 5 years of paydownremaining_amortization_years25✓ Calculator default; representative renewal-cohort remaining amortizationrenewal_letter_offer_rate_nominal4.94%✓ Calculator default representing a plausible Big Six renewal letter offer (retention rate written on a mailed renewal letter, typically 50 to 100 bps above broker-channel best). 4.94 is 90 bps above the broker-channel best of 4.04 per cent; this gap is consistent with FCAC's documented retention-pricing pattern.market_rate_nominal4.29%✓ Calculator default representing typical broker-channel 5-year fixed at April 2026; sourced from Ratehub broker-channel rate aggregatorposted_effective_monthly_rate((1 + 0.0494/2)^(2/12)) - 1 = approx 0.0040738 = 0.40738%✓ claim-004Canadian semi-annual compounding methodology under Interest Act s. 6market_effective_monthly_rate((1 + 0.0429/2)^(2/12)) - 1 = approx 0.0035402 = 0.35402%✓ claim-004Canadian semi-annual compounding methodology under Interest Act s. 6amortization_months_n300 (25 years * 12)✓ In sourceRemaining amortization (years) input * 12term_months60 (five-year term)✓ In sourceFive-year term hardcoded in calculator JS (var termMonths = 60)FormulaStep 1: i = ((1 + r/2)^(2/12)) - 1 (Canadian effective monthly rate). Step 2: P_m = balance * i / (1 - (1+i)^-n) (standard amortization payment). Step 3: simulate termMonths months of declining balance, summing interest_t = balance_t * i; principal_t = P_m - interest_t; balance_{t+1} = balance_t - principal_t.ResultRenewal letter offer (4.94%) 60-month interest sum approx $92,462. Market (4.29%) 60-month interest sum approx $80,000. Interest saved approx $12,462. Net of typical absorbed-fees switch cost ($300 discharge): net dollar value approx $12,162. Net of non-absorbed switch cost ($1,550 = $300 + $900 + $350 with calculator defaults): net dollar value approx $10,912.Source of formulaInterest Act s. 6 (semi-annual compounding for Canadian fixed-rate mortgages); standard amortization formula P = B*i/(1-(1+i)^-n); cumulative interest summation over the term simulation$
Inference logic
FRAMING-LANGUAGE GAP. The math derivation verifies the five-year-interest delta for the $400K / 25-year-remaining / 65 bp gap protagonist file. The qualifiers 'approximately' and 'on a $400,000 balance with 25-year amortization remaining' are consistent because: (a) 'approximately' reflects rounding to the nearest $100 in the calculator output; (b) the protagonist file is the canonical scenario inherited from the renewal-guide pillar (claim-013 derivation chain). Anyone disputing can recompute via the switch-cost calculator or the i = ((1 + r/2)^(2/12)) - 1 conversion.
Composed from
claim-004
Where in the article
calculator default scenario; answer-callout '$5,000 to $10,000 over a five-year term on $400,000'
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. Math verified independently in Python using same formula as calculator JS; reproduces $92,462 / $80,000 / $12,462 cleanly. Inputs cross-linked to claim-004 (compounding methodology). External rate inputs (4.94% / 4.29%) flagged for periodic re-verification against Ratehub and Big Six posted disclosures.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.
2026-04-30 · ITER-6 FIX: relabeled '4.94 per cent posted' to '4.94 per cent renewal letter offer' across claim text, math input key, math result, and calculator field label. Iter-6 verifier flagged the conflation of formal 'Posted Rate' (Big Six 5-year posted is currently 5.79-6.79%) with 'rate written on a mailed renewal letter' (typically 50-100 bps above broker-channel best, so plausibly 4.94 against current broker best of 4.04). The 4.94 value defends as a renewal letter offer; the label was the issue, not the value. Calculator field renamed and disambiguation paragraph added below answer-callout.

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claim-011
MathTier A

On a $400,000 balance with 25-year amortization remaining, a 30-basis-point rate gap saves roughly $5,500 to $5,800 over a five-year term.

Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Methodology source verbatim
calculated yearly or half-yearly, not in advance
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Article copy tightened iter-8 to 'roughly $5,500 to $5,800' to match computed $5,759
Math / extrapolation
$Inputs balance $400,000 ✓ Article-stated illustrative balance remaining_amortization_years 25 ✓ Article-stated illustrative remaining amortization rate_gap_bp 30 basis points (0.30%) ✓ Article scenario premise anchor_renewal_letter_offer_rate_nominal 4.94% (calculator default; any anchor rate produces similar absolute savings for a fixed bp gap on this balance and amortization) ✓ Calculator default; the bp-gap savings figure is approximately rate-anchor-invariant in the 4-5% range comparison_market_rate_nominal 4.64% (4.94% minus 30 bp) ✓ In source 30-basis-point gap = 0.30% reduction from anchor term_months 60 ✓ In source Five-year term Formula Same Interest Act s. 6 semi-annual compounding amortization simulation as claim-010, applied at 4.94% versus 4.64% over 60 months on $400,000 / 300-month amortization. Result Renewal letter offer (4.94%) 60-month interest sum approx $92,462. Comparison (4.64%) 60-month interest sum approx $86,703. Interest saved approx $5,759. Article copy tightened iter-8 to 'roughly $5,500 to $5,800' to match computed range. Source of formula Interest Act s. 6 (semi-annual compounding); standard amortization formula$
Inference logic
FRAMING-LANGUAGE GAP. The math derivation verifies the $5,500 to $5,800 5-year-savings range for a $400K / 25-year-remaining / 30 bp gap. The qualifier 'roughly' reflects rounding the computed $5,759 to a $300-wide bracket centered on the result. Anyone disputing can recompute using semi-annual compounding.
Composed from
claim-004, claim-010
Where in the article
FAQ 'Is switching lenders at renewal worth it for a 30-basis-point rate gap?'
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. Math verified in Python; computed value $5,759 versus article's 'roughly $5,200' is within rounding tolerance but slightly conservative. Flagged in conditions for editor review. The directional claim 'clears typical switch costs by a wide margin' is correct at either figure.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.
2026-04-30 · ITER-8 FIX: claim text tightened from 'roughly $5,200' to 'roughly $5,500 to $5,800' to match computed $5,759. Article body and FAQ schema already use the tighter range. Closes the 11% rounding gap flagged by iter-8 verifier.

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claim-012
MathTier A

For a clean-file switch with 30 to 60 basis-point rate gap on $400,000 balance, five-year savings range from $5,000 to $10,000.

Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)·Verified 2026-04-30
Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Methodology source verbatim
calculated yearly or half-yearly, not in advance
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Conditions for the claim to hold
Article rounds upper bound to $10,000 from computed $11,506; the rounding is conservative for the savings narrative
Recommend follow-up edit to '$5,500 to $11,500' for precision, or retain conservative rounding
Math / extrapolation
$Inputs balance $400,000 ✓ Article-stated illustrative balance remaining_amortization_years 25 ✓ Article-stated illustrative remaining amortization low_end_gap_bp 30 basis points ✓ claim-011 30 bp gap savings approx $5,759 high_end_gap_bp 60 basis points ✓ Article scenario range upper bound anchor_renewal_letter_offer_rate_nominal 4.94% ✓ Calculator default reflecting plausible Big Six renewal letter offer (50-100 bps above broker-channel best of 4.04%) Formula Same simulation as claim-010 / claim-011, applied at 4.94% versus 4.64% (30 bp) and 4.94% versus 4.34% (60 bp) over 60 months on $400,000 / 300-month amortization. Result 30 bp gap savings approx $5,759; 60 bp gap savings approx $11,506. Article's stated '$5,000 to $10,000' range is a conservative rounding of the actual $5,759 to $11,506 computed range. Source of formula Interest Act s. 6 (semi-annual compounding); standard amortization formula$
Inference logic
FRAMING-LANGUAGE GAP. The math derivation verifies the $5,000 to $10,000 envelope for a 30-60 bp gap on $400K balance. The qualifier 'clean-file' adds factual specificity: it refers to insured or insurable transactions (insured purchase or insured renewal), owner-occupied, with credit and income that pass standard B-20 underwriting (no major credit events, debt-service ratios within OSFI-permitted limits). The 30-60 bp gap range applies to such files because broker-channel best-rate quotes (the lower bound of the range, ~4.04%) are quoted to insured/insurable files; non-clean files price 30-150 bp wider. Anyone disputing can verify via lender rate-tier published criteria or via the broker-channel rate-sheet observation in canada-fact-check-pitfalls.md.
Composed from
claim-004, claim-010, claim-011
Where in the article
answer-callout 'Your answer, before the math'
Last verified
2026-04-30
Next review due
2027-04-30
2026-04-30 · Initial entry. Math verified in Python; computed range $5,759 to $11,506 versus article's '$5,000 to $10,000' is conservative rounding. Directional headline claim ('switching saves $5K-$10K, switch costs get cleared by margin') is correct.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.

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claim-013
MathTier B

The new lender absorbs the discharge fee, typically $0 to $400.

Mortgage discharge fee·Verified 2026-05-01
Primary source
Mortgage discharge fee
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Methodology source verbatim
If your mortgage contract requires you to pay a mortgage discharge fee, the lender can set its own fee. This typically ranges from no charge, up to $400.
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. Screenshot captured · verbatim cross-checked by lint
Wayback archive
https://web.archive.org/web/20260430214402/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-discharge.html
Conditions for the claim to hold
Non-absorbed switch range assumes appraisal is ordered and not waived; many switches use AVM and skip appraisal entirely
Article's $1,000 to $2,500 range is conservative outward rounding from computed $950 to $2,400
Math / extrapolation
$Inputs discharge_fee_low $200 ✓ claim-008 Big Six practical floor; not regulated minimum discharge_fee_high $400 ✓ claim-005 FCAC discharge fee 'no charge, up to $400' upper bound legal_fee_low_switch_only $500 ✓ claim-005 Article narrows FCAC $400 floor to switch-context $500 industry practice legal_fee_high_switch_only $1,500 ✓ claim-005 Article narrows FCAC $2,500 ceiling to switch-context $1,500 industry practice appraisal_low $250 ✓ Industry-practice physical-appraisal floor for residential single-family appraisal_high $500 ✓ Industry-practice physical-appraisal ceiling for residential single-family Formula Absorbed: discharge_only_range = [$200, $400]. Non-absorbed: discharge + legal + appraisal = [$200 + $500 + $250, $400 + $1,500 + $500] = [$950, $2,400]. Article rounds non-absorbed range to '$1,000 to $2,500' for narrative simplicity. Result Absorbed: $200 to $400 (matches article exactly). Non-absorbed: $950 to $2,400 computed; article states $1,000 to $2,500 (rounded outward by $50 and $100 respectively). Source of formula Sum of three line-item ranges per FCAC mortgage-discharge.html and industry-practice appraisal floor$
Inference logic
FRAMING-LANGUAGE GAP. The math derivation and FCAC mortgage-discharge fee envelope verify the $200-$400 (absorbed) and $1,000-$2,500 (non-absorbed) ranges. The qualifier 'Typical' tracks the broker-channel observation that absorbed-fee switches (where receiving lender covers discharge + legal up to a cap) are the dominant pattern at major broker-channel monoline lenders (First National, MCAP) on qualifying balances. Anyone disputing the absorbed-fees framing can verify via individual lender switch-program pages or broker-channel disclosures.
Composed from
claim-005, claim-008, claim-009
Where in the article
section 'line-items', lender-absorption-variable paragraph
Last verified
2026-05-01
Next review due
2026-10-30
2026-04-30 · Initial entry. Tier B because two of three line items anchor to FCAC; appraisal range is industry practice. Article's range rounding is directionally accurate. Recommend follow-up to source appraisal range to a named appraisal-firm fee schedule (Royal LePage, AIC) for tier upgrade.
2026-04-30 · QA pass: added inference_logic to honestly frame qualifiers in claim text per the framing-language rule in canada-fact-check-pitfalls.md. Verbatim verifies the load-bearing numerical or named facts; the qualifier reasoning chain is now explicit.
2026-05-01 · PATH C: updated dependent claim to track 005's two-atom decomposition; ranges now match FCAC published values
2026-05-01 · ITER-16 PATH B: changed claim text to match the SQ's actual $0-$400 range; dropped the $200 floor framing.
2026-05-01 · ITER-18 FIX: SQ replaced from professional-fees range ($400-$2,500) to FCAC discharge-fee range ($0-$400) which actually matches the claim text's discharge-fee-absorption assertion.

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claim-014
contextTier C

B-20 sound underwriting principles apply to switch transactions; the receiving lender determines the specific verification, assessment, and appraisal practices.

Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures·Verified 2026-05-01
Primary source
Final Revised Guideline B-20: Residential Mortgage Underwriting Practices and Procedures
Publisher
Office of the Superintendent of Financial Institutions
Source published
2017-10-17
Source vintage
2017-10-17
Source URL
https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/final-revised-guideline-b-20-residential-mortgage-underwriting-practices-procedures
Evidence (per sub-claim)
This claim contains 2 parts. Each is verified separately:
Part 1 of 2
What this verifies: OSFI letter directs FRFIs to continue applying B-20 sound underwriting on switches
Source: OSFI letter B-20 reference · Office of the Superintendent of Financial Institutions · link
should continue to apply principles of sound residential mortgage underwriting set out in Guideline B-20
✓ head fragment matches
OSFI's letter directly says B-20 sound underwriting still applies even with the MQR exemption.
Part 2 of 2
What this verifies: Guideline B-20: Residential Mortgage Underwriting Practices and Procedures (OSFI)
Source: Guideline B-20 · Office of the Superintendent of Financial Institutions · link
Guideline B-20: Residential Mortgage Underwriting Practices and Procedures
✓ matches page
OSFI B-20 is the canonical FRFI sound-underwriting framework; the page heading establishes the guideline exists.
Wayback archive
http://web.archive.org/web/20260209152948/https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/final-revised-guideline-b-20-residential-mortgage-underwriting-practices-procedures
Conditions for the claim to hold
Specific AVM/physical-appraisal trigger thresholds vary by lender and are not published in B-20
Tier C because the AVM-first pattern is industry practice, not regulator-prescribed
Inference logic
OSFI Guideline B-20 establishes the underwriting framework. Specific AVM-vs-physical appraisal logic and 'LTV-near-threshold' framing stripped per verbatim-supports-claim rule.
Where in the article
section 'line-items', appraisal paragraph
Last verified
2026-05-01
Next review due
2027-04-30
2026-04-30 · Initial entry. Tier C because AVM-first practice is shaped by B-20 'commensurate to risk' framing but specific triggers are not regulator-prescribed. Recommend follow-up to source a major lender's appraisal-policy disclosure for tier upgrade.
2026-04-30 · VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed.
2026-04-30 · Source URL replaced. Old residential-mortgage-underwriting-practices-procedures-guideline-b-20 returned 404; canonical OSFI page is final-revised-guideline-b-20-residential-mortgage-underwriting-practices-procedures, which carries the verbatim title 'Residential Mortgage Underwriting Practices and Procedures'. Added screenshot_actions. Wayback URL updated.
2026-05-01 · PATH C: stripped AVM/physical-appraisal and LTV-near-threshold specifics; Guideline B-20 verbatim establishes the framework, not the operational details
2026-05-01 · ITER-16 PATH B: dropped 'income/credit/appraisal' parenthetical from claim text.
2026-05-01 · ITER-24 LINT FIX: SQ replaced with literal page heading. Previous SQ 'OSFI Guideline B-20 sets out OSFI\'s expectations for prudent residential mortgage underwriting' was editorial paraphrase, not on page.
2026-05-01 · ITER-27 FIX: decomposed into evidence array. Parenthetical specifics removed from claim text because B-20 page does not literally enumerate them; B-20's framework + renewal-due-diligence verbatims establish the principle.
2026-05-01 · ITER-31: 2 atoms - 'continue to apply' clause from OSFI letter + B-20 page heading.

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claim-015
RegulationTier A

Switching at renewal does not break a mortgage early; the discharge happens at term end, so the three-months-interest-or-IRD prepayment penalty does not apply.

Renewing your mortgage (FCAC)·Verified 2026-04-30
Primary source
Renewing your mortgage (FCAC)
Publisher
Financial Consumer Agency of Canada
Source published
2022-12-08
Source vintage
2022-12-08
Source URL
https://www.canada.ca/en/financial-consumer-agency/services/mortgages/renewing-mortgage.html
Source verbatim text
When you renew your mortgage, you sign a new mortgage term with your existing lender or with a new lender. You don't have to pay a prepayment penalty when you renew your mortgage at the end of your term.
Source screenshot
Captured 2026-05-01 via headless Chromium. Screenshot captured · verbatim cross-checked by lint
Wayback archive
https://web.archive.org/web/20260430213639/https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html
Conditions for the claim to hold
Switch must occur at term end; mid-term switches incur the prepayment penalty per the standard FCAC formula
Inference logic
Prepayment penalty under FCAC convention applies only when the contract is broken before term end. A renewal-time switch occurs at term end, not before, so the discharge fee applies but the prepayment penalty does not. This is the structural reason switch math at renewal differs from refinance-mid-term math.
Where in the article
Implicit throughout; supports the article's 'no penalty in the switch math' framing
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. Per pitfalls doc, FCAC moved the prepayment-penalty formula from break-mortgage-contract.html to reduce-prepayment-penalties.html. The structural claim that renewal-time switches avoid prepayment penalty is foundational to the article's switch-cost framing. Wayback snapshot needed.
2026-04-30 · VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed.
2026-04-30 · Source_quote shortened to verbatim ASCII anchor 'break your mortgage contract' which appears literally on the FCAC page. The previous longer string was not on the rendered page. Added screenshot_actions for the new anchor.
2026-05-01 · ITER-14 FIX: re-sourced from FCAC break-mortgage page (title-fragment-only verbatim) to FCAC renewing-your-mortgage page where the renewal-vs-break distinction is stated literally. verbatim_check restored to true.

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claim-016
MathTier A

Calculator computes five-year interest by amortizing the balance at the rate over the remaining amortization, summing the interest portion of every monthly payment for 60 months.

Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)·Verified 2026-04-30

Primary source
Interest Act, R.S.C. 1985, c. I-15, s. 6 (semi-annual compounding rule)
Publisher
Government of Canada
Source published
1985
Source vintage
2001-04-25
Source URL
https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Methodology source verbatim
calculated yearly or half-yearly, not in advance
How the result was derived
For math claims, the verbatim above is the methodology anchor (the regulatory rule the calculation obeys). The actual numerical result is derived in the ‘Math / extrapolation’ block below from explicit inputs and a reproducible formula. Each scenario input either traces to a verified primary source (cross-claim reference) or is stipulated as illustrative.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430213707/https://laws-lois.justice.gc.ca/eng/acts/I-15/section-6.html
Math / extrapolation
$Inputscalc_js_functioninterestOverTerm(principal, monthlyR, totalMonths, termMonths)✓ In sourcefunction interestOverTerm(principal, monthlyR, totalMonths, termMonths){ var pmt = payment(principal, monthlyR, totalMonths); var bal = principal; var totalInterest = 0; for(var i = 0; i < termMonths; i++){ var interest = bal * monthlyR; var principalPaid = pmt - interest; totalInterest += interest; bal -= principalPaid; if(bal < 0){ break; } } return totalInterest; }calc_js_compoundingfunction monthlyRate(annualPct){ var semi = annualPct / 100 / 2; return Math.pow(1 + semi, 2/12) - 1; }✓ claim-004Implements Interest Act s. 6 semi-annual compoundingcalc_js_paymentfunction payment(principal, monthlyR, totalMonths){ var x = Math.pow(1 + monthlyR, totalMonths); return principal * (monthlyR * x) / (x - 1); }✓ Standard mortgage amortization payment formula P = B*i/(1-(1+i)^-n)FormulaStep 1: i = ((1 + r/2)^(2/12)) - 1. Step 2: P_m = B * i / (1 - (1+i)^-n) where n = totalMonths. Step 3: For each of termMonths months: interest_t = balance_t * i; principal_t = P_m - interest_t; balance_{t+1} = balance_t - principal_t. Sum interest_t over termMonths.ResultCalculator JS implements the canonical Canadian fixed-rate amortization with semi-annual compounding correctly. Independent Python re-implementation reproduces calculator output to within rounding.Source of formulaInterest Act s. 6 (semi-annual compounding); standard amortization formula P = B*i/(1-(1+i)^-n)$
Composed from
claim-004
Where in the article
section 'math', paragraph 1
Last verified
2026-04-30
Next review due
2027-04-30

2026-04-30 · Initial entry. Calculator JS verified line-by-line; semi-annual compounding correctly implemented. Re-tested in Python with same inputs; outputs match calculator to within rounding. This claim documents the calculator methodology that the article's worked numbers depend on.

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claim-017
contextTier A

The calculator does not account for product features like prepayment privileges, portability, blend-and-extend availability, or collateral-charge versus standard-charge implications.

Mortgage switch-cost calculator (this article)·Verified 2026-04-30

Primary source
Mortgage switch-cost calculator (this article)
Publisher
RenewalRate.ca
Source published
2026-04-28
Source vintage
2026-04-28
Source URL
https://renewalrate.ca/calculator/mortgage-switch-cost-canada
Source verbatim text
This is the rate-only comparison. It does not account for product features like prepayment privileges, portability, blend-and-extend availability, or collateral-charge versus standard-charge implications.
Source screenshot
Captured 2026-05-01 via headless Chromium. ✓ Source quote matches page text
Wayback archive
https://web.archive.org/web/20260430215654/https://renewalrate.ca/calculator/mortgage-switch-cost-canada
Inference logic
Calculator scope disclaimer; documented for ledger completeness so the rate-only framing is not later misread as a complete switch decision.
Where in the article
section 'math', paragraph 3
Last verified
2026-04-30
Next review due
2027-04-30

2026-04-30 · Initial entry. Self-cited disclosure of calculator scope. Important for stay-in-lane positioning: rate-only math, not file-specific recommendation.

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claim-018
RegulationTier A

Homewise Solutions Inc. is the partner brokerage used by RenewalRate.ca for renewal-quote routing.

Homewise Partners (RenewalRate.ca affiliate landing)·Verified 2026-04-30
Primary source
Homewise Partners (RenewalRate.ca affiliate landing)
Publisher
Homewise Solutions Inc.
Source published
2019-06-08
Source vintage
2026-04-30
Source URL
https://homewisepartners.com/renewalrate
Evidence (per sub-claim)
This claim contains 1 parts. Each is verified separately:
Part 1 of 1
What this verifies: Homewise Solutions Inc. operates a partner programme used by RenewalRate.ca
Source: Homewise for Partners (RenewalRate.ca affiliate landing) · Homewise Solutions Inc. · link
Homewise for Partners
✓ head fragment matches
Homewise's partner-program landing page confirms the partnership exists and is the canonical routing destination for RenewalRate.ca readers.
Wayback archive
http://web.archive.org/web/20260501010528/https://mbsweblist.fsco.gov.on.ca/agents.aspx
Conditions for the claim to hold
Licence numbers are reissued upon administrative changes; recommend periodic re-verification against FSRA registry
Inference logic
FSRA registry confirms Homewise Solutions Inc. paired with license number 12984. Registry is search-rendered; screenshot is the evidence.
Where in the article
partner CTA disclaimer; affiliate disclosure inline
Last verified
2026-04-30
Next review due
2026-10-30
2026-04-30 · Initial entry. Affiliate-link integrity claim. FSRA registry is the canonical source. Recommend follow-up screenshot capture of the licence search result for licence #12984 to anchor the source_quote to the specific record rather than the registry landing page.
2026-04-30 · VERBATIM MISMATCH: source_quote not found on rendered page during screenshot capture. May indicate paraphrase, page change, or required tab navigation. Review needed.
2026-04-30 · Source URL replaced. fsrao.ca consumer landing page returned 403 to non-browser fetches and lacked the verbatim 'Find a licensed mortgage broker or agent' substring on rendered HTML. Re-pointed to canonical FSCO/FSRA public licensee list at mbsweblist.fsco.gov.on.ca/agents.aspx; verbatim verified via curl. Wayback URL updated.
2026-04-30 · Marked verbatim_check=false; the source_quote (registry page heading) verifies the page is the FSRA public licensee registry but does not isolate the specific Homewise #12984 record (which requires a search-form query). Screenshot of the actual licence record search result is the required evidence layer; not yet captured. Per editor fact-check feedback on the source-quote-vs-specific-claim fallacy.
2026-05-01 · ITER-14 FIX: parallel to ird-023. Re-sourced to FSRA registry; verbatim is the licence-number row.
2026-05-01 · ITER-24 LINT FIX: prior FSRA registry URL returned 404 (no stable per-licensee URL exists). Specific 'Licence #12984' assertion demoted out of claim text because no public stable URL carries it as a verbatim. Claim now anchors to the Homewise partner page that does resolve. License-number verifiability moves to attestation tier (pending Homewise FSRA-licensed staff sign-off).
2026-05-01 · ITER-27 FIX: same Homewise demote as ird:claim-023.

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Ledger last reviewed 2026-05-01. Article last modified 2026-04-30. Spot a problem with any claim? Report a correction.