Your lender’s renewal letter is where the negotiation starts, not its best rate. A competing quote gives you a card to play. Leaving at maturity costs nothing in penalty.
Conditions can outweigh the rate
Portability, prepayment privileges and the penalty formula sometimes matter more than a tenth of a point. Two offers at the same rate can be thousands apart if the term gets broken.
What you can do at maturity
Stay and accept. Stay and negotiate. Transfer to another lender. Refinance. The costs differ, and only the last one means qualifying all over again.
Documents to gather
What the lender will ask for.
Current lender’s offer
Remaining balance
Mortgage penalty
Rates and terms available
Payment flexibility
Transfer deadline
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 your renewal offer and the current balance. If they’re on hand before you make an offer, 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.
