Refinancing tops out at 80% of the property’s value. Who decides the value? The lender’s appraiser. Not the price you paid, not what the neighbour got last month. If you’re breaking your current term, the penalty goes on the bill too, and it often decides whether the move makes sense.
Documents before comparison
Your mortgage statement with the balance and estimated penalty, the tax bill, your notices of assessment and the list of debts you plan to pay off. Ask your current lender for the penalty in writing. The number you get over the phone isn’t always the one on the final bill.
Property and price
Your offer is only as good as the recent sales behind it. When there aren’t many comparables in Québec, the appraisal can come in under your price. You cover that gap in cash. The mortgage won’t.
Income and down payment in Québec
Your income proof, the source of your down payment, your debts and the monthly budget you can carry: the file in Québec 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 Québec 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.
How much can be refinanced?+
Up to 80% of the property’s value. The lender’s appraisal sets that value, not the price you paid. Break the current term and the penalty goes into the calculation, and it’s often what settles the question.
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.
