The classic Quebec scenario: your 5-year term is ending, the bank sends you a letter offering a new rate, you sign, and you’re locked in for another 5 years. It’s fast. It’s convenient. And it’s rarely the best financial decision.
This guide explains what to do in the 6 months before your maturity date to take back control. No specific numbers here — yours depends on your file, and only an AMF-licensed broker can present the actual rates available to you.
Why 6 months and not 30 days
Canadian lenders typically hold a rate for around 120 days — sometimes less, sometimes a bit more depending on the institution. If you wait for your bank’s letter (often sent 30 to 45 days before maturity), you have very little time left to shop. The bank holds all the leverage, you have very little.
At 6 months out, you have time to:
- Read your current contract carefully (penalty, portability, prepayment privileges).
- Ask an AMF-licensed mortgage broker to evaluate what other lenders would offer for a file like yours.
- Decide whether to renew with your current lender or transfer to another lender at maturity (no penalty).
The 4 documents to gather
Before the call with a broker, dig out:
- The original mortgage document (notarial deed of loan).
- Your last two annual mortgage statements (balance, current rate, maturity).
- Your municipal valuation notice (and ideally the current estimated property value).
- Your latest tax slips (T4 or NoA if T2125 income).
With these, the broker can estimate what’s possible without guessing. And you walk into the bank conversation knowing what’s actually on the table.
Common mistakes
1. Signing the bank’s first offer without reading it
The renewal letter is usually pre-checked on the longest term and the posted rate — which is rarely the best rate the bank could offer if pressed. They know most clients sign without digging. You don’t have to.
2. Assuming staying is always simpler
Transferring to another lender at maturity has no penalty, and most lenders absorb the transfer fees (assignment, appraisal) to win your file. Practically speaking, the « simplicity » of staying has no real economic value in most cases.
3. Not asking if you qualify with a better lender
Your file may have changed since the last term:
- Salary increase or debt consolidation → better ratios.
- Property re-evaluation → better loan-to-value.
- Employment stability proven → access to stricter but cheaper A lenders.
An AMF broker sees those changes. A bank trying to keep you won’t volunteer them.
What Courteo does
Courteo is not a broker. What we do is connect you with an AMF-licensed mortgage broker who knows Quebec renewal files. The broker presents the rates actually available, negotiates with lenders, and prepares the transfer file if that’s what suits you.
You don’t need to answer your bank’s letter tonight. You have time to understand what’s possible.