Region served
Renewing in Grand Montréal with another lender means starting from zero: current proof of income, mortgage statement, tax bill. Have it in hand four months before maturity.
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.
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.
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.