Whatever your lender sends for renewal, treat it as a first offer. A rival quote gives you leverage. And at maturity you can leave without any penalty.
Look past the rate
A tenth of a point is small next to portability, prepayment privileges and how the penalty is calculated. Same rate on two offers, and you can still be thousands apart if you break the term early.
Your options when the term ends
There are four: stay and accept, stay and negotiate, transfer elsewhere, or refinance. Each one has its own cost. Only refinancing reopens a full qualification.
Documents to gather
What the lender will ask for.
Offer from your current lender
What you still owe
Mortgage penalty
Rate and term options
How flexible the payments are
Transfer deadline
Frequently asked
What 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 your renewal offer and the current balance. Sort these out before you make an offer if you want a short financing window to be 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.
