You can only compare two options if the assumptions match: same amount, same term, same amortization. Change one and the cheaper option can flip. That’s how most bad comparisons get made.
Cheap and rigid, or flexible and dear
One usually costs less but locks you in. The other gives you room and charges for it. The winner depends on how likely you are to move, prepay or break the term early.
Decide on the real total
Look at what you’ll actually pay: monthly payment, fees, the penalty to get out, and the conditions that stay after you sign. A rate by itself settles very little.
Documents to gather
What the lender will ask for.
What you want out of the file
Income and documents
Debts, credit
Property or security
When you need it done
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. Gather them before the offer and a five-day financing condition works. Gather them after and it drags for 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.
