Renewing a rental mortgage: your current lender keeps you without requalifying, while a new one goes through the leases and expenses again. What to have ready.
What your lender sends at renewal is a starting point, and not its best rate. A rival quote gives you leverage, and at maturity you can switch without a penalty.
The conditions behind the number
Portability, prepayment privileges, the penalty formula. Together they can matter more than a tenth of a point. Two offers at one rate can be thousands apart if you break the term.
Your four routes
Stay and accept, stay and negotiate, transfer elsewhere, refinance. They don’t cost the same, and only the last reopens a full qualification.
Documents to gather
What the lender will ask for.
Offer from your current lender
Balance left
Mortgage penalty
Rates and terms
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 the current leases and records of the rent actually collected. Have them ready before you make an offer if you want a short financing window to be 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.
