To compare two options, use identical assumptions: same amount, same term, same amortization. Change one and the cheaper option can flip. Most misleading comparisons start there.
The trade-off
Typically one is cheaper but stiffer and the other more flexible but dearer. Which wins depends on the odds you’ll move, prepay or break the term.
Judge on the full picture
Come back to what you pay: the monthly payment, fees, the penalty to get out, and the conditions that stay after signing. A rate alone settles little.
Documents to gather
What the lender will ask for.
Goal
Income and documents
Debts and credit
Property or security
Target timeline
Lender options
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. Before the offer, a five-day financing condition works. After it, 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.
