Skip to content

Tools

Offer check: is your bank's mortgage offer good?

Enter a mortgage offer you got straight from your bank, credit union or lender in Ontario, and get a plain-English read of every term that matters. The offer check works for a renewal letter, refinance quote, pre-approval or commitment, and gives you the three things to ask your bank.

Written by Stonefield Mortgage · Reviewed by David Steinfeld, principal broker · Stonefield Mortgage, FSRA mortgage brokerage licence #13722 · [review pending — before this page is indexed]
Published · Updated

Exactly as the offer states it

0 if none

Beyond the rate

Have a broker check this offer

A licensed broker compares your offer with the lenders we work with and gets back to you within one business day. Give us a phone number or an e-mail address, at least one.

We store your name, how to reach you and the offer's numbers in Canada. Please don't e-mail documents. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.

Enter the offer and your read appears here. The numbers you type stay in your browser unless you send them to us. If you would rather talk to a person, leave a name and a phone or e-mail below and a licensed broker gets back to you within one business day.

How this tool works

  • The rate is read against the Bank of Canada's posted conventional-mortgage series for the same term, first weekly value of each month: V80691333 (1-year), V80691334 (3-year) or V80691335 (5-year; also used for other terms, as context). These are posted rates published by the Bank of Canada, not a quote. The read says where your rate sits, never whether it is competitive; that needs this week's lender offers for your mortgage.
  • Penalties: the penalty is usually the higher of three months' interest or the interest rate differential (IRD), and lenders may use posted rates (FCAC). On a variable rate, the penalty is commonly three months' interest (general practice; your contract governs). On a term over five years, the Interest Act s.10 limit applies after five years.
  • Prepayment above the privileges in the offer means a penalty (FCAC). Federally regulated lenders must explain how the charge is calculated (FCAC Code of Conduct).
  • Purchases: the read checks the federal minimum down payment and the 30-year insured amortization for first-time buyers and new builds (from 2024-12-15). Refinances: federally regulated lenders refinance up to 80% of the home's value.
  • Timing: federally regulated lenders send a renewal statement at least 21 days before the term ends (FCAC); many lenders hold a rate for about four months (general practice).

Rules checked 2026-10-26. Estimates only, not an offer or advice; a licensed broker confirms the numbers and every mortgage is subject to lender approval. Everything is calculated in your browser. The amounts you type reach us only if you send them with one of the forms on this page.

Read next: The offer checklist · How to read a renewal letter · Posted vs discounted rates · Whether your bank will match

Questions about the offer check tool

Why doesn't the tool say whether my rate is good?

Because no public number can. The Bank of Canada publishes the big banks' posted rate, and most borrowers are offered less. A fair rate for you depends on this week's lender offers. Comparing your rate with this week's lender offers is a broker's job, so send us the numbers and a licensed broker checks your rate.

What do I need from my offer?

The amount, rate, term, fixed or variable, amortization and the maturity or closing date. The penalty method, prepayment privileges, portability and charge type are usually in the commitment or the mortgage terms. If you can't find these terms, choose "not stated" and the read tells you what to ask.

Is anything I type sent to you?

No. The read is worked out in your browser. The numbers come to us only if you ask us to send the read or check your offer, and the numbers are stored in Canada.

More tools: Renewal vs switch · Compare your offers · Fixed vs variable over time · Prepayment savings · Payment shock at renewal

No cost, no documents yet

We need six numbers to review your bank's offer

The six numbers are the amount, the rate, the term, fixed or variable, the amortization and the date from your bank's offer. A licensed broker checks your bank's offer against the lenders we work with and calls you within one business day. Take our written offer back to your bank: if your bank matches our offer, you stay and pay less; if your bank doesn't, we can move the mortgage for you, subject to lender approval.

You can also call us at (416) 371-2077.

Who made this offer?
The six numbers from your bank's offer

The six numbers let a broker check your offer before we call. Skip any number you don't have.

Fixed or variable
Roughly how large is the mortgage?

We use these details to call you back about your mortgage, and store them in Canada. If we introduce you to a partner broker, we tell you first and share only what you have given us here. See our privacy policy. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. Any offer we find is subject to lender approval.