Term, amortization, the penalty formula, portability: they set the real cost as much as the percentage. Two mortgages at the same rate can end up thousands apart when you have to break or move one.
Test it against the future
What if you sell, refinance, get a lump sum, or your income drops? An offer that only works if nothing changes is fragile.
Let your timeline pick the term
How long you plan to keep the place should drive the term, not the reverse. Five years suits someone who’s staying. It punishes someone who might sell in two.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts, credit
Property or security
Time you have
Available lenders
Frequently asked
Which documents should I gather?+
Last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Get them together before the offer and a five-day financing condition is workable; after, they add weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
