Renewing in retirement: your income is stable, and most lenders will accept an amortization that runs past retirement age. The amount limits the file, not your age.
The renewal offer from your lender is only where the conversation starts. It’s not its best rate. Get a competing quote and you can negotiate. Switching at maturity carries no penalty.
Look beyond the rate
Portability, prepayment privileges and how the penalty is calculated can outweigh a tenth of a point. Same rate on two offers, and you can still be thousands apart if the term is broken early.
Four ways out of a maturing term
Accept and stay. Stay and negotiate. Transfer somewhere else. Refinance. Each costs something different, and only refinancing brings back a full qualification.
Documents to gather
What the lender will ask for.
Current lender’s offer
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 everything ready 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.
