The renewal offer your lender mails you is a starting point, not its best rate. Get a competing quote and you have something to negotiate with. At maturity, switching costs no penalty.
Rate is only one line
Portability, prepayment privileges and the penalty formula can outweigh a tenth of a point. Two offers at the same rate can differ by thousands if you break the term early.
Four routes at maturity
Stay and accept, stay and negotiate, transfer elsewhere, or refinance. The costs differ, and only the last one puts you through a full qualification again.
Documents to gather
What the lender will ask for.
Current lender’s offer
Balance remaining
Penalty to break the mortgage
Rates and terms available
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.
