Region served
Renewing keeps the balance. Refinancing changes it and reopens the file. Which one suits your project in Saguenay-Lac-Saint-Jean, and what each costs.
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.
Start comparing four to six months before maturity. Most lenders will hold a rate that long, and switching at maturity carries no penalty. Once you sign the renewal notice that landed in your Saguenay-Lac-Saint-Jean mailbox, the leverage is gone.
The renewal notice your bank mails out is a starting point, not its best rate. One competing quote gives you something to negotiate with, and lenders active in Saguenay-Lac-Saint-Jean do compete for a client who already pays on time.
Switching lenders in Saguenay-Lac-Saint-Jean means making the whole case again: current proof of income, a mortgage statement, the tax bill and, most of the time, a new appraisal. Staying put spares you all that, at the price of a rate you did not negotiate.
A sale, renovations or a lump-sum payment in the next few years should guide the term you pick, not the other way around. Maturity is also the one time you can prepay with no penalty, whatever your plans in Saguenay-Lac-Saint-Jean look like.
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.