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About switching.... Page 2
What are the costs to switch my mortgage?
If all you are doing is switching your mortgage to another lender then you should not be subject to any fees or payout penalties. Now, if you decide that you would want to switch and increase your mortgage amount or lengthen the amortization period, then the mortgage would have to be re-registered. If that's the case, you would likely be subject to legal fees, appraisal fees etc.
What's involved in switching a mortgage?
Switching a mortgage is pretty simple, all you have to do is provide us with your "form B" and a recent mortgage statement from your current lender. the "form B". The "form B" is a form you would have received along with your legal documents when you first received your mortgage. You will be required to fill out a mortgage application.
Can a mortgage be switched?
Most mortgages can be switched, however, there's another mortgage out there that's a bit different. Some lenders are registering mortgages as a collateral charge which provides for a fixed payment portion and a re -advanceable line of credit portion.
While it's a great mortgage product, it cannot be switched from one lender to another. To move your mortgage in this case, you'll have to re-register the whole thing.
How long before my mortgage is up should I start the switch process?
You should think about switching your mortgage between 90 and 120 days before your renewal. This gives ample time to complete the process.
In the right circumstances, switching your mortgage can be very beneficial, however, sometimes it pays to stick with your current lender.
Call me today and we can discuss your current situation.
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