Your lender’s renewal letter is an opening bid, not its best rate. A competing quote gives you leverage. And at maturity, switching lenders carries no penalty.
Conditions matter as much as the rate
Portability, prepayment privileges, the penalty formula: any of these can be worth more than a tenth of a point. Break the term early and two offers at the same rate can be thousands of dollars apart.
Your four options at maturity
Accept and stay. Stay, but negotiate. Move to another lender. Or refinance. Each costs something different, and only refinancing reopens a full qualification.
Documents to gather
What the lender will ask for.
Offer from the current lender
Balance still owing
Penalty to break
Rates and term choices
Payment flexibility
Transfer deadline
Frequently asked
What should I have ready?+
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 them ready before you make an offer, or a short financing window becomes 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.
