The renewal offer in your mailbox is where your lender starts, not its best rate. A competing quote gives you something to negotiate with. And at maturity, switching carries no penalty.
Read the fine print, not only the rate
Portability, prepayment privileges and the penalty formula can matter more than a tenth of a point. Two offers at the same rate can end up thousands apart if you break the term early.
Four ways out of maturity
Stay and accept. Stay and negotiate. Transfer elsewhere. Refinance. They don’t cost the same, and only the last one reopens a full qualification.
Documents to gather
What the lender will ask for.
Offer from your current lender
Balance left
Penalty if you break the mortgage
Rates and terms
How flexible the payments are
Deadline to transfer
Frequently asked
What should I have on hand?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add your renewal offer and the current balance. Have these ready before you make an offer, or a short financing window gets unrealistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
