Region served
Renewing keeps the balance. Refinancing changes it and reopens the file. Which one suits your project in Bas-Saint-Laurent, and what each costs.
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.
Give yourself four to six months before maturity. Most lenders will hold a rate that long. Changing lender at maturity costs no penalty, but signing the renewal notice from your bank ends your bargaining power.
The renewal letter from your bank is an opening offer, not its best rate. One competing quote gives you something to negotiate with, and lenders in Bas-Saint-Laurent do compete for a mortgage that’s paid on time.
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.
Pick the term around your plans: a sale, work on the house, a big lump sum. Not the other way around. And remember that maturity is the one moment when prepaying costs nothing.
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.