Renewal is the one time you can switch lenders without paying a penalty. Your current bank can renew without requalifying you. Another lender reassesses everything. That’s the trade-off. A rate advertised elsewhere is only worth something if you can actually qualify for it.
Documents before comparison
Your renewal offer and current mortgage statement, showing the maturity date and balance. If you’re shopping around, add your notices of assessment and proof of income, since the new lender starts from zero. Start four to six months before maturity, while the current offer still stands.
Property and price
Your offer is only as good as the recent sales behind it. When there aren’t many comparables in Lévis, the appraisal can come in under your price. You cover that gap in cash. The mortgage won’t.
Income and down payment in Lévis
Your income proof, the source of your down payment, your debts and the monthly budget you can carry: the file in Lévis starts there.
Conditions compared
Everybody compares rates because it’s easy. On a purchase, the real differences sit elsewhere: the penalty if you break the term, how much you can prepay each year, and whether the mortgage can follow you to your next home.
Documents before submission
Get the file complete the first time and you save weeks. In Lévis like everywhere else, it’s almost never the analysis that slows things down. It’s the employer who doesn’t call back, the bank that sits on it, the appraiser who’s running late.
To prepare
What to gather.
Financing goal
Income records
Current debts
Property or security
Required timing
Eligible lenders
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.
Does switching lenders at renewal cost anything?+
No penalty at maturity. It’s the only time that’s true. The new lender reviews the whole file again, and some transfer fees may apply. You weigh that against the rate difference.
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.
