A comparison only works with identical assumptions: same amount, same term, same amortization. Change one and the cheaper option can flip. That’s how most misleading comparisons are born.
Know what you’re trading
One option tends to be cheaper but stiffer, the other more flexible but pricier. Which wins depends on how likely you are to move, prepay or break the term before it ends.
Decide on complete numbers
Come back to what you’ll really pay: the monthly payment, the fees, the penalty to get out, and the conditions that stay in force after you sign. A rate on its own decides very little.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property or security
Target timeline
Lender options
Frequently asked
What documents 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. Ready before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
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.
