Mortgage renewal worksheet
Compare Renewal Offers Before You Sign
A mortgage renewal offer can look simple at first glance, but the rate is only one part of the decision. This worksheet helps Canadian homeowners compare a current lender offer, a broker option, or another lender offer using the same information.
The goal is not to choose an offer for you. It is to organize the details you may want to confirm with your lender, mortgage broker, or qualified financial professional before accepting a renewal agreement.
How to Use This Worksheet
- Collect each written offer or quote you want to compare.
- Use the same mortgage balance, amortization, payment frequency, and start date where possible.
- Enter the rate, term, payment, prepayment privilege, fees, penalties, and notes for each offer.
- Use the Mortgage Renewal Calculator Canada to estimate payment scenarios.
- Ask the lender to explain any item you cannot compare clearly.
Offer Comparison Table
| Item to Compare | Current Lender Offer | Broker Offer | Other Lender Offer |
|---|---|---|---|
| Quoted interest rate | |||
| Term length | |||
| Fixed or variable | |||
| Estimated payment amount | |||
| Payment frequency | |||
| Remaining amortization used | |||
| Prepayment privilege | |||
| Penalty wording | |||
| Discharge or transfer fee | |||
| Appraisal or legal cost | |||
| Portability rules | |||
| Optional products included? | |||
| Rate hold or expiry date | |||
| Important notes |
If this table is difficult to view on a small screen, you can copy these comparison items into a spreadsheet or write notes beside each offer. The purpose is to compare each offer using the same balance, amortization, payment frequency, fees, and contract features.
Questions to Ask Before Accepting an Offer
- Is this the lowest rate available to me from this lender today, or are other terms available?
- What fees would apply if I transfer the mortgage to another lender?
- Does the payment include property tax, insurance, optional products, or other charges?
- How is the penalty calculated if I break the mortgage before the term ends?
- Can I make lump-sum payments or increase my regular payment during the term?
- Can I port the mortgage if I sell and buy another home?
- What date does this offer expire?
Example: Same Rate, Different Contract Features
Two offers may show the same interest rate but have different prepayment privileges, penalty wording, portability rules, or transfer costs. A slightly lower payment is not the only factor to review. The contract conditions may matter if your income, home plans, or cash flow changes during the term.
Related Tools and Guides
Use the Mortgage Renewal Calculator Canada to estimate payment scenarios and the Mortgage Prepayment Calculator Canada to review lump-sum or extra payment scenarios. For more context, read Mortgage Renewal Examples Canada, How to Compare Mortgage Renewal Offers in Canada, and Switching Mortgage Lenders at Renewal in Canada.
Reminder: This worksheet is for general educational planning only. It does not replace a written mortgage offer or advice from a lender, mortgage broker, lawyer, accountant, or qualified financial professional.
Mobile-friendly comparison
Offer Comparison Items to Copy Into Your Notes
If the table is hard to use on a phone, review these cards one by one and write notes for each lender offer. This helps keep the comparison fair without relying only on the headline rate.
Quoted interest rate
Record the offered rate and whether it is fixed or variable.
Term length
Compare one-, two-, three-, four-, or five-year terms using the same assumptions.
Estimated payment
Use the same balance, amortization, and payment frequency for each offer.
Prepayment privileges
Note lump-sum limits, payment-increase rules, and whether unused room carries forward.
Penalty wording
Ask how the penalty may be calculated if the mortgage is broken early.
Portability
Confirm whether the mortgage can move with you if you sell and buy another property.
Switching costs
List discharge, appraisal, legal, notary, transfer, registration, and administration fees.
Collateral charge
Ask whether the mortgage is standard charge or collateral charge and how that affects switching.
Optional products
Check insurance, cashback, bundled accounts, and other conditions attached to the offer.
Rate hold or expiry date
Write down how long the offer is valid and what happens after expiry.
Fillable worksheet
Build Your Renewal Offer Comparison
Enter details from up to three written offers. You can copy the summary, print it, save it as a PDF using your browser print dialog, or save it on this device only. Nothing is sent to our server.
| Item to compare | Current lender offer | Broker offer | Other lender offer |
|---|---|---|---|
| Lender or broker name | |||
| Rate and rate type | |||
| Term length | |||
| Estimated payment | |||
| Payment frequency | |||
| Remaining amortization used | |||
| Prepayment privileges | |||
| Penalty wording | |||
| Discharge or transfer fee | |||
| Appraisal, legal, or notary cost | |||
| Portability | |||
| Offer expiry date | |||
| Notes or questions |
Device save uses your browser local storage only. Use this worksheet as a planning aid and confirm all figures with the written offer from your lender or mortgage professional.
Offer analyzer lite
Compare Two Renewal Offers With the Same Timeframe
Use this lightweight comparison to organize two written offers. Enter the estimated regular payment, term length, and known one-time costs for each offer. The result is an educational estimate only; it does not include every lender-specific fee, penalty, insurance amount, tax item, or contract condition.
Enter both offers to see a same-timeframe estimate.
Before treating one offer as lower cost, confirm these items
- Both offers use the same balance, amortization, payment frequency, and term length.
- Prepayment privileges, penalty wording, portability, and conversion rules are comparable.
- Discharge, transfer, appraisal, legal, notary, and administration fees are included or clearly separated.
- Any cashback, insurance, bundled account, or rate-hold condition is understood in writing.
This tool runs in your browser and is for educational planning only. Confirm all numbers and contract terms with your lender, mortgage broker, or qualified financial professional.
Decision support
Compare the Full Renewal Cost, Not Only the Rate
Use the worksheet as a same-assumptions comparison. Each offer should be reviewed with the same balance, amortization, payment frequency, term length, and start date where possible. The goal is to organize the decision, not to replace a written lender offer.
Fees and transfer costs
- Discharge, transfer, assignment, appraisal, legal, notary, and administration fees.
- Whether any fee is waived, reimbursed, capped, or conditional.
Contract flexibility
- Prepayment privileges, payment-increase options, portability, and conversion rules.
- Penalty wording if the mortgage is broken before the end of the term.
Mobile or spreadsheet use
If the table is difficult to view on a small screen, copy the comparison items into a spreadsheet or write notes beside each offer. Keep the same assumptions across all offers so the comparison remains fair.
Open the fillable worksheetQuestions before signing
- Which fees are included in the written offer and which are separate?
- What changes if I choose a different term, rate type, or lender?
For broader consumer context, review FCAC’s renewing your mortgage guidance, then compare your own numbers with the renewal calculator.
Decision checklist
Add These Often-Missed Items to Your Offer Notes
Use the worksheet to record details that may not appear in the headline rate comparison.
Use this as a conversation checklist. It does not replace a personalized review of your written mortgage offer or contract.