Region served
Your bank’s renewal offer, set beside what other lenders propose in Côte-Nord. Worth a look before you sign 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.
Your offer price only counts if recent sales back it up. Where comparables are scarce in Côte-Nord, the appraisal can land under what you agreed to pay, and you make up the difference in cash. The lender won’t finance that gap.
A file in Côte-Nord starts with four things: income proof, where the down payment comes from, what you owe, and what’s left each month.
Comparing rates takes ten seconds. The differences that cost money are the penalty if you break the term, the yearly prepayment room, and whether the mortgage is portable when you move. Ask about those.
Send everything at once. Every round of "we still need one more document" adds days, and the delays come from third parties (employer, bank, appraiser), not from the lender’s analysis.
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.