Your bank’s renewal letter is a first offer. It isn’t the best it can do. Show up with a competing quote and you can negotiate. Leaving at maturity costs no penalty.
Read what’s under the rate
Portability. Prepayment privileges. The penalty formula. Any of them can matter more than a tenth of a point, and two offers at the same rate can be thousands apart if you break the term early.
Four paths at maturity
You can stay and accept, stay and negotiate, transfer elsewhere or refinance. The prices are not the same. Only refinancing sends you back through a full qualification.
Documents to gather
What the lender will ask for.
Your bank’s current offer
Balance remaining
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. Get them ready before you make an offer and 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.
