Mohit Grover

SOMETIMES THE GRASS IS GREENER ON THE OTHER SIDE

Transfer/Switches are when you opt to transfer your mortgage to a new lender in order to take advantage of a lower rate. A transfer/switch does not include additional money to the existing mortgage balance owing, your mortgage amount will remain the same.

There are two scenarios where you would utilize a Transfer Switch:

When your mortgage term is up, and the mortgage is renewing with your existing lender. If you choose to transfer/switch your mortgage at renewal you will not have to pay a penalty.

The second scenario you may choose to do a transfer/switch is when you are in the middle of the term of your mortgage. The only reason you would do this is to take advantage of a lower rate which means a lower monthly payment. This would have to make sense financially for you to do as you will have a penalty associated with breaking the current mortgage.

If your mortgage is up for renewal, or if you are considering a transfer/switch in light of recent rate changes, a mortgage broker can assist you in making the right decision.

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All claims, terms, and product offerings are subject to qualification and review by either bank or financial institution whichever may apply. We reserve the right to refuse an application if mortgage qualifying criteria are not met upon our or the lender’s discretion. For more information please contact us directly.

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