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Renewing in Capitale-Nationale with another lender means starting from zero: current proof of income, mortgage statement, tax bill. Have it in hand four months before maturity.
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.
The document must be current, readable and consistent with the rest of the file. A statement with a missing page, or a name spelled differently than on your notice of assessment, sends the file back for clarification.
Everything has to agree across documents: names, dates, balances, where the money came from. The number one cause of a stalled verification? A deposit nobody can explain.
An odd amount, a missing page, two records that disagree: the lender will ask. Explain them up front. A gift, a bonus or a transfer between your own accounts is perfectly fine once documented.
Three calendars have to fit together: the lender’s, the insurer’s and the notary’s. It’s nearly always the last one that delivers the confirmation once the condition has run out.
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.