That renewal offer in your mailbox isn’t your lender’s best rate, it’s a starting point. A competing quote gives you something to work with, and switching at maturity has no penalty.
Read the conditions, not just the rate
Portability, prepayment privileges, penalty formula: these can count for more than a tenth of a point. Break the term early and two offers at the same rate can differ by thousands.
Weigh the four routes
At maturity you can accept as is, stay and negotiate, move to another lender, or refinance. They don’t cost the same. Only the last one asks you to fully requalify.
Documents to gather
What the lender will ask for.
Offer from your lender
Balance left
Mortgage penalty
Rates and term options
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. Ready before the offer goes in, they make a short financing window workable.
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.
