What your lender mails you is a starting point, and rarely its best rate. Bring a competing quote to the table. Leaving at maturity doesn’t trigger a penalty.
The details behind the rate
Portability, prepayment privileges, the way the penalty is computed. A tenth of a point is nothing next to that. Break the term early and two same-rate offers can end up thousands apart.
Four ways to handle maturity
Accept and stay, negotiate and stay, transfer, or refinance. Each has a different price. Refinancing is the only one that reopens a full qualification, which is exactly what consolidation triggers.
Documents to gather
What the lender will ask for.
Lender’s current offer
Remaining balance
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. Have them ready before you make an offer and a short financing window holds up.
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.
