Established owner
The letter from your bank is an offer, not a verdict.
Banks count on busy people signing the first renewal offer. At renewal you can usually move without penalty — and an established file often re-qualifies on a better lens than the one that got you here.
The underwriting problem
Two things get left on the table at this stage: a renewal rate nobody negotiated, and equity that could be working. Neither is a paperwork problem — they're a timing and structure problem.
Run these first
Price the letter against a competing rate over the full term, check your current rate against a desk reference to see the penalty and break-even on switching now, and model a rental property with cap rate, cash flow and debt coverage.
Three routes that fit this stage
| Lender | Min down | Why it fits |
|---|---|---|
| TD | 20% | Conventional — no premium; the usual home for a seasoned file with equity |
| First National | 10% | Standard-premium monoline; 120-day rate hold while you shop the renewal |
| Scotiabank | 10% | Useful where a professional line of credit is part of the structure |
Switching at renewal is usually penalty-free; mid-term, the penalty is lender-specific — fixed-rate IRD can run well above three months' interest.
What you'll be asked for
For a projected-income file, usually: confirmation of your residency or fellowship enrolment, or your signed employment/associate contract with specialty and start date; proof of licensure or College registration; recent Notices of Assessment plus a current income document; your down-payment source with about 90 days of history (a gift letter if any of it is gifted); and your line-of-credit and other debt details. Ramin sends a tailored checklist once your lender is chosen.