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Renewing early in Bas-Saint-Laurent: the penalty to break the current term against the rate gap. The math that says whether it is worth it.
At renewal, switching lenders costs no penalty. It is the only time that is true. Your bank can renew without requalifying you, another lender starts the file over. That is the trade-off. A rate posted elsewhere is worth whatever your ability to get it is worth.
Your renewal offer and current mortgage statement, with the maturity date and balance. If you are shopping around, add your notices of assessment and proof of income, since the new lender starts from zero. Begin four to six months out, while the current offer still stands.
Start comparing four to six months before maturity. Most lenders hold a rate for that long, and switching at maturity carries no penalty. Once you sign the renewal notice that came in the mail, the leverage is gone.
Your bank’s renewal notice is where the conversation starts. Get a competing quote and ask again. Lenders will fight a little for a file that never missed a payment.
Moving to another lender in Bas-Saint-Laurent usually means new income proof, a mortgage statement, tax records and a fresh appraisal of the property.
If a sale, renovation or lump-sum payment is coming in the next few years, that should drive the term you choose, not the reverse. Maturity is also the only time you can prepay without penalty, whatever your plans.
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.