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.
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 Saguenay 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 Saguenay market do compete for a file that already pays on time.
Documents required in Saguenay
Switching lenders in Saguenay 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 Saguenay 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.
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.
