Turning Competing Offers Into Negotiation Leverage
Competing offers are tangible proof of what the market offers you. Here is how to use them effectively.
Getting competing offers
- Contact an AMF-certified broker (free for the borrower)
- Request offers from 3-5 different lender types
- Get offers in writing with detailed conditions
- Note cash-back incentives and bonuses offered
Presenting offers strategically
- Show the most complete offer (rate + prepayment + portability + cash-back)
- Highlight specific advantages of the competing offer vs your current lender
- Stay professional and factual — numbers speak for themselves
- Give a reasonable response deadline (48-72 hours)
If your lender refuses to align, transfer at maturity is simple and generally fee-free.
Renewal in the Quebec Context
Mortgage renewal in Quebec represents a major financial opportunity that too many homeowners underutilize. Approximately 60% of borrowers accept their bank's renewal offer without comparing, paying on average $2,500 to $7,500 more in interest per 5-year term. In Quebec, major banks (RBC, TD, BMO, Scotia, NBC, CIBC) and Desjardins credit unions generally send a renewal offer 21 to 30 days before maturity, a timeline often insufficient for adequate shopping. This is why experts recommend starting the process 4 to 6 months before maturity. Most lenders offer a 90 to 120 day rate hold, allowing you to lock in an advantageous rate while continuing to compare available market offers.
Maximizing Your Renewal: A Proven Strategy
To get the most from your renewal, adopt a strategic and methodical approach. Start by checking your credit score with Equifax and TransUnion six months before maturity. A score of 680 and above gives you access to the best rates at A-lenders. Correct any errors and pay credit card balances below 30% of the limit to optimize your score. Contact an AMF-certified broker four months before maturity to get the best market offers and a 120-day rate hold. Compare at least 3 to 5 detailed offers analyzing not only the rate but also prepayment conditions, portability, IRD calculation, conversion options, and cash-back incentives.
Protecting Your Interests at Renewal
Renewal is your mortgage freedom moment: no penalty applies and you can transfer free of charge to a better lender. Do not let inertia cost you thousands of dollars. In Quebec, an AMF-certified broker is your best ally in this process: they have access to preferred rates from multiple lenders, their service is free for borrowers, and the LDPSF requires them to act in your best interest. Take the time to compare, negotiate, and verify every clause before signing your next mortgage contract.