Mortgage solution
Mortgage renewal
That renewal notice in the mail is an opening bid, not your bank’s best rate. At maturity, comparing costs nothing and switching carries no penalty.
Do not renew automatically
Signing the offer that came in the mail is the easiest move and often the priciest. One competing quote gives you something to negotiate with, and banks often sweeten their offer once they know you are shopping around.
Review penalties and privileges
The rate is one line of the contract. What you may prepay each year, whether the mortgage follows you, and how the penalty is calculated all decide what the term really costs.
Review priorities at renewal
Renewal is a natural time to look again at your debts, income, planned purchases or sales, amortization and how much fixed or variable risk you can stomach.
Documents to gather
What the lender will ask for.
- Renewal date
- Current lender offer
- Remaining balance
- Future plans
- Penalty rules
- Fixed or variable preference
Frequently asked
Does switching lenders at renewal cost anything?
No penalty at maturity, and many lenders cover the transfer and notary fees to win the file. The real question is requalification: a new lender reviews your income and credit from scratch, where staying put usually doesn’t require it.
When should I compare my renewal?
Ideally a few months before maturity, so there is time to compare lenders, documents and conditions before you sign.
Can I switch lenders at renewal?
Often, yes, but the file, the property and the timing need a look to confirm the switch is worth it.
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.
Have your file reviewed before you commit.
Have my file reviewedFinancing types
Pick the situation closest to yours.
Contact
Tell Mathieu about your project
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.
- Your request goes directly to Mathieu
- Across Quebec, in French and English
- No fee on most residential files