The renewal letter you get is an opening offer, not the lender’s best rate. Line up a competing quote and you can negotiate. At maturity, switching costs no penalty.
Fine print over a tenth of a point
Portability, prepayment privileges and the penalty formula can be worth more than a tenth of a point. Two offers at the same rate can be thousands apart if you break the term early.
Four routes at maturity
Stay and accept, stay and negotiate, transfer, or refinance. They don’t cost the same. Only refinancing reopens a full qualification.
Documents to gather
What the lender will ask for.
Current lender’s 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 two years of financial statements and your business records. Get these ready before you make an offer if you want a short financing window to 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.
