The renewal offer you get is where things begin, not the lender’s best rate. A competing quote helps you negotiate, and moving at maturity costs no penalty. Without a job, though, only your current bank skips the requalification.
Conditions matter too
Portability, prepayment privileges and the penalty formula can be worth more than a tenth of a point. At the same rate, two offers can differ by thousands if you break the term early.
Where you can go at maturity
Stay and accept. Stay and negotiate. Transfer. Refinance. Each has a different cost, and only refinancing reopens a full qualification.
Documents to gather
What the lender will ask for.
Current lender’s offer
Balance owing
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 everything ready before you make an offer and a short financing window can work.
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.
