A comparison only holds if both sides use the same numbers: same amount, same term, same amortization. Change one of them and the cheaper option can flip. That’s how most misleading comparisons happen.
Cheaper or more flexible
Usually one option costs less but locks you in, and the other bends more but costs more. Which one wins depends on how likely you are to move, prepay or break the term early.
Decide with the whole picture
Come back to what you actually pay: the monthly payment, the fees, the penalty to get out, and the conditions that stay after you sign. A rate by itself tells you very little.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Add a list of your debts with balances and monthly payments. Have them in hand before you make an offer, and a short financing window is realistic.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
