The renewal letter from your lender is an opening bid, not their best rate. A competing quote gives you leverage, and at maturity you can switch without any penalty.
The fine print counts
Portability, prepayment privileges, the penalty formula: any of these can outweigh a tenth of a point. Two offers at the same rate can end up thousands apart if you break the term early.
Four ways out at maturity
Stay and accept, stay and negotiate, transfer to another lender, or refinance. They don’t cost the same, and only the last one reopens a full qualification.
Documents to gather
What the lender will ask for.
Your lender’s current offer
Balance remaining
Mortgage penalty
Rates and term options
Payment flexibility
Deadline to transfer
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.
