Mortgage Renewal Comparison Worksheet
A side-by-side worksheet to compare mortgage renewal offers from multiple lenders and negotiate the best rate.
About This Resource
Mortgage Renewal Comparison Worksheet
Current Mortgage Balance: $________
Remaining Amortization: ______ years
Current Mortgage
Lender: _______________________________
Current Rate: ______%
Current Monthly Payment: $________
Remaining Term: ______ years/months
Renewal Offer Comparison
| Lender A | Lender B | Lender C | |
|---|---|---|---|
| Lender | ________ | ________ | ________ |
| Rate (fixed/variable) | ______% | ______% | ______% |
| Term | __ yrs | __ yrs | __ yrs |
| Monthly Payment | $______ | $______ | $______ |
| Prepayment Privilege | ________ | ________ | ________ |
| Portability | Yes/No | Yes/No | Yes/No |
| Cashback Offer | $______ | $______ | $______ |
| Penalty to Break Early | ________ | ________ | ________ |
| Assumability | Yes/No | Yes/No | Yes/No |
Questions to Ask Each Lender
- [ ] Is this a fixed or variable rate? What is the current prime rate?
- [ ] What are the prepayment privileges (lump sum % + payment increase %)?
- [ ] Is the mortgage portable to a new property?
- [ ] What is the penalty to break the mortgage early?
- [ ] Are there fees to switch lenders (discharge, registration)?
- [ ] Is there a cashback or promotional offer?
- [ ] Can I increase the amortization period to lower payments?
- [ ] Is an appraisal required to switch lenders?
Decision
Chosen Lender: _______________________________
New Rate: ______%
New Monthly Payment: $________
Estimated Savings vs. Current: $________/year
Date Signed: __________
Renewal Tip
Start shopping 4–6 months before renewal. Your current lender's first offer is rarely their best — a competing quote is your strongest negotiating tool. Even a 0.5% difference saves thousands over a 5-year term.
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