RateReset Canada guide
Questions to ask your lender before renewing
A focused checklist covering payment, flexibility, penalties, and switching costs.
Payment and amortization
Ask for the payment at each offered term and frequency, the remaining amortization used, and the balance projected at the next maturity. Confirm whether changing amortization requires a new application.
Prepayment and portability
Request the annual lump-sum percentage, payment-increase limit, double-up terms, privilege dates, and portability conditions in writing.
Penalty and exit costs
Ask how a fixed IRD comparison rate is chosen, how any original discount is treated, and what discharge or transfer costs apply. If switching, identify appraisal, legal, registration, and product-bundle impacts.
- How long is this offer held?
- Can the rate decrease before maturity if pricing improves?
- What is the exact payout today and how long is it valid?
Estimates are for educational purposes and may differ from lender calculations, contractual terms, taxes, fees, or regulatory requirements. Read the full disclaimer.
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Methodology version: mortgage-methodology-2.0. See the editorial policy and corrections process.