The renewal offer from your lender is the opening bid. A competing quote is what gives you room to push, and at maturity you can walk away with no penalty.
Conditions can cost more than the rate
Portability, prepayment privileges and the penalty formula can outweigh a tenth of a point. Take two offers at the same rate: break the term early and the bill can differ by thousands.
Your choices when the term ends
Four of them. Stay and accept, stay and negotiate, transfer to another lender, or refinance. Prices vary, and the last one is the only one that reopens a full qualification.
Documents to gather
What the lender will ask for.
Current offer from your lender
Balance remaining
Mortgage penalty
Rate 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. With those in 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.
