Region served
Consolidating debts at the renewal of a Bas-Saint-Laurent mortgage means refinancing, so requalifying. What the lender recalculates.
It all comes down to your ratios once the debts are paid off, not today’s. A tax debt weighs more than a credit card: Revenu Québec and the CRA can register a claim on the property, and most lenders require it to be paid out of the refinancing.
A list of your debts with exact balances and payments, your latest mortgage statements, your notices of assessment. If a tax debt is involved, ask for the official statement of account, the only figure the lender will work from.
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.
Switching lenders in Bas-Saint-Laurent? Expect to hand over current income proof, your latest mortgage statement and tax records, and to have the property appraised again.
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.
Often yes, but not always with your cash. Paying down a card improves your ratios. Emptying your account to do it weakens the down payment. You have to run both numbers at the same time.
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.