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A portable mortgage follows you to the next property without a penalty, provided you requalify. What that’s worth if you might move during the term in Amqui.
The posted rate is the easy part. What costs you later hides in the conditions: how the penalty is calculated, prepayment privileges, portability. Two lenders at the same rate can differ by thousands of dollars if you break the term.
Compare the offers in writing, with full conditions and not just the rate. Ask exactly how the penalty is calculated and what prepayment allows. If you might move during the term, check portability before you sign, not after.
Start comparing four to six months before maturity. Most lenders will hold a rate that long, and switching at maturity carries no penalty. Your leverage vanishes the day you sign the renewal notice sitting in your Amqui mailbox.
The renewal notice your bank mails you is a starting point, not its best rate. One competing quote gives you something to negotiate with, and lenders in the Amqui market do compete for a file that already pays on time.
Switching lenders in Amqui may mean new proof of income, a mortgage statement, tax records and a property appraisal.
A sale, renovations or a lump-sum payment in the next few years should drive the term you pick, not the other way around. Maturity is also the one time you can prepay without a penalty, whatever your plans in Amqui look like.
To prepare
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
Not if the breakage penalty is calculated differently. Two lenders at the same rate can be thousands apart if you break the term. Check how the penalty is worked out and what prepayment allows before you sign.
Pick the situation closest to yours.
Contact
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.