Renewing as an incorporated owner: your current bank doesn’t requalify you, but a new lender reads two years of company statements. What to have ready.
The renewal letter from your lender is where it starts, not its best rate. A competing quote gives you leverage, and switching at maturity carries no penalty.
The small print can cost more than the rate
Portability, prepayment privileges and the penalty formula can outweigh 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 a maturing term
At maturity you can stay and accept, stay and negotiate, transfer to another lender, or 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 remaining
Penalty if you break the mortgage
Rates and term choices
How flexible the payments are
Deadline to transfer
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. On top of that, two years of financial statements and your business records. Having it all in hand before you make an offer is what makes a short financing window realistic.
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.
