Region served
Your bank’s renewal offer, set beside what other lenders propose in Grand Montréal. Worth a look before you sign it.
At renewal, switching costs no penalty. Staying put means no requalification. Leaving means the new lender re-checks your whole file. Weigh that. A great posted rate does you no good if you can’t qualify for it.
Bring the renewal offer and the current mortgage statement (maturity date, balance). Going elsewhere? Add your notices of assessment and income proof: a new lender starts from scratch. Start four to six months out, while today’s offer still stands.
Your offer is only as good as the appraisal. Where few comparable sales exist in Grand Montréal, the appraiser can come in under the price you agreed to, and you cover the difference in cash. It does not get added to the mortgage.
The lender wants to see enough to work out your monthly budget: proof of income, the source of the down payment, your debts and what is left after the bills. Have them ready before the first call about a Grand Montréal file.
Rate is the easy comparison. On a purchase, two offers differ mostly in the penalty to break the term, in how much you can prepay each year and in whether the mortgage moves with you to the next home.
A complete file the first time avoids the back-and-forth that adds weeks. It is almost never the analysis that drags on a Grand Montréal file. Somebody is waiting on an employer, a bank or an appraiser.
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.
No penalty at maturity, and it is the only time that is true. The new lender reassesses the whole file, and some transfer fees can apply. That is what you weigh against the rate difference.
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.