Term, amortization, penalty formula and portability shape the real cost as much as the percentage. Two mortgages at the same rate can end up thousands apart the day you have to break one or move.
Test it against what could happen
Try the offer on a sale, a refinance, a lump sum, a drop in income. If it only works when nothing changes, it is a fragile offer.
Let your timeline pick the term
How long you expect to keep the place should choose the term, not the reverse. A five-year term suits someone staying put. It punishes someone likely to sell in two.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
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. Gathered 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.
