Region served
Open, you repay whenever you like, at a higher rate. Closed, the rate is lower and the penalty exists. Which one for a mortgage in Capitale-Nationale, depending on your plans.
The posted rate is the easy part. What costs you later hides in the conditions: how the penalty is calculated, prepayment privileges, portability. Two lenders at the same rate can end up thousands of dollars apart if you break the term.
The offers you are comparing, in writing, with all the conditions and not only the rate. Ask how the penalty is calculated and what prepayment allows. If you might move during the term, check portability before you sign, not after.
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 Capitale-Nationale do compete for a mortgage that’s paid on time.
Switching lenders in Capitale-Nationale? 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.
Not if the penalty for breaking the mortgage is worked out differently. Two lenders at the same rate can end up thousands of dollars apart if you break the term. Look at how the penalty is calculated and what prepayment allows before you sign.
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.