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Stretching the amortization on a Côte-Nord mortgage lowers the payment and raises the total cost. Look at both numbers before you decide.
A refinance tops out at 80% of the value, and the lender’s appraisal settles it, not the price you paid or what the neighbour sold for. If you break the current term, the penalty goes into the calculation. It often decides whether the move is worth making.
Your mortgage statement with the balance and estimated penalty, the tax bill, your notices of assessment, the list of debts you plan to pay off. Get the penalty from your current lender in writing. The real figure often differs from what they quote over the phone.
In general you can refinance up to 80% of the property’s value, minus what you still owe. On a $500,000 home with $250,000 outstanding, that’s roughly $150,000, before you factor in the penalty for breaking the current term.
Before comparing monthly payments, add up what the change costs: penalty, legal fees, appraisal, loan setup costs.
Stretching the amortization lowers the payment and raises the total cost. What matters is the interest you pay over the full term, not the monthly difference.
A lower payment and a lower total cost are two different things. Stretching the amortization eases the monthly budget and adds years of interest. Look at both numbers before you sign anything.
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.
Up to 80% of the property’s value, as the lender’s appraisal sees it, not as the price you paid. If you break the current term, the penalty goes into the calculation, and it is often what decides whether the deal is worth doing.
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.