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Two lenders at the same rate can end up thousands of dollars apart if you break the term. The conditions to read before you sign in Grand Montréal.
A posted rate tells you little. What costs money later is in the fine print: penalty calculation, prepayment privileges, portability. The same rate at two lenders can still mean a difference of thousands if you break the term.
Compare offers on paper with all the conditions, not just the rate. Ask how the penalty is computed and what you can prepay. Could you move during the term? Then check portability now, before signing.
A document has to be recent, readable and consistent with the rest of the file. A statement with a page missing, or a name spelled differently than on your notice of assessment, and a Grand Montréal file goes back for clarification.
Names, dates, balances, where the money came from: everything has to match from one document to the next. An unexplained deposit is the most common reason a Grand Montréal file stalls at the verification stage.
An unusual amount, a missing page, two statements that do not agree: the lender will ask, so answer before it does. A gift, a bonus or a transfer between your own accounts goes through fine once it is documented, in Grand Montréal as anywhere.
The lender’s calendar, the insurer’s and the notary’s all have to mesh. It is nearly always the last link that hands in its confirmation after the condition has expired.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
Not if the penalty for breaking the mortgage is worked out differently. Two lenders at the same rate can end up thousands of dollars apart if you break the term. Look at how the penalty is calculated and what prepayment allows before you sign.
Pick the situation closest to yours.
Contact
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.