Will the income last? That’s what lenders are trying to figure out. Changing employers in the same field goes over well. Probation or leave gets judged on the employer’s letter and the return date, and since policies differ, one decline doesn’t close the door.
Documents to have ready
Ask your employer for a letter with your position, salary and start date, plus the end of probation or expected return date if relevant. Bring whatever pay stubs you have and past notices of assessment to prove the income didn’t stop when the job changed.
Maturity date
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 La Prairie mailbox.
Current offer
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 La Prairie market do compete for a file that already pays on time.
Documents required in La Prairie
Switching lenders in La Prairie may mean new proof of income, a mortgage statement, tax records and a property appraisal.
Plans to consider
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 La Prairie look like.
To prepare
What to gather.
Current lender offer
Remaining balance
Mortgage penalty
Rates and term options
Payment flexibility
Transfer deadline
Frequently asked
Can the file be reviewed remotely?+
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.
Do I have to wait until probation ends to buy?+
Not necessarily. Several lenders accept a file during probation if the employment letter is clear and the field hasn’t changed. Others want three months. That’s their internal policy, not a general rule.
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.
