Region served
To refinance in Grand Montréal: mortgage statement, penalty in writing, tax bill, notices of assessment. The real penalty often differs from the phone estimate.
Refinancing tops out at 80% of the property’s value, and it’s the lender’s appraisal that sets that value, not the price you paid or what the neighbour got. Breaking the current term brings a penalty, and it often decides whether the move is worth it.
Bring the mortgage statement (balance, estimated penalty), the tax bill, the notices of assessment and a list of debts to clear. Get the penalty in writing from your lender, because the phone quote and the real figure don’t always match.
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.
Up to 80% of the property’s value, as the lender’s appraisal sees it, not as the price you paid. If you break the current term, the penalty goes into the calculation, and it is often what decides whether the deal is worth doing.
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.