Mortgage renewal/transfer/switch

Is it almost the due date to renew your mortgage?

4-5 months ahead of the renewal date, we start reviewing your choices and securing the best mortgage for you. Prepare for a fun shopping session to improve your bank’s offer and see how you can maximize your position

Looking at transferring your mortgage?

Although most lenders allow mortgage transfer to a new property and will exercise “Mix and Blend” , we found that there are better ways to cut on your costs. call us to calculate your gain

Renewal, switch and transfer differences

The big difference between the three may translate to big savings. Switching your mortgage may look least expensive, but in the long run you might end up paying more. Call us to learn more

Your mortgage term has almost ended, what’s now?

It is surprising to see that in most cases your bank will offer their best rates and terms to new clients, not to you. This is why it’s highly recommended to use the end of the term as an opportunity to significantly improve your position. With 40+ lenders, we can definitely find you a better choice than you currently have. Feel free to call us ahead of time and give yourself 4-5 months to explore choices and other lender’s offers.

The end of the term is not only an opportunity to improve your rate, but also to review with us, all your changing circumstances and needs and get a mortgage that flexibly addresses the new aspects. This itself will save you furthermore than a rate alon will do!

Should I switch? I heard it's the least expensive option

Switching a mortgage from one lender to another is a straightforward move assuming all your data is almost the same, in terms of income, stability, credit rating and debt. It is considered the least expensive move as there is no penalty to pay and most of the costs of legal fees and appraisal are absorbed by the new lender.

Saying that, in order to switch your mortgage, all it’s parameters besides the new rate, should be kept as is. There won’t be any change to the amount and amortization. For you, it sometimes means missing out on a big opportunity to leverage on your money, when there is no outstanding penalty. You may be able to pull equity for investment opportunities, consolidate bad debt into good and cheap one and control your monthly payments.

Learn the process

Your first step will be probably to dive into the needed knowledge about the mortgage process and the different mortgage products. We are here to guide you through the process until you feel confident with all new concepts and terms and ready to to act

Fill up the application

In this phase we lead a comprehensive process that takes in consideration your personal data, as well as any property you have. You’ll collect all documents upfront and we’ll review them to put together a plan for you

Talk to mortgage experts

After reviewing your data and supporting documents, we will meet. Usually it's done electronically (via Zoom for instance). In this meeting we’ll look at all your needs, current and future plans. The outcome would be a customized plan to address those needs

Get approved

We strive to get you pre-qualified, so even before you have a property in mind, you’ll be confident that all your mortgage aspects have been covered and all your documents have been reviewed. This way, when time comes, you’ll be easily approved

Buy your dream home

We have a high rate of getting our clients the house they love. It’s all thanks to a well guided and upfront financing process. When finalizing their decision, our clients enjoy a peace of mind, knowing that their mortgage is guaranteed

Create your own plan. Secure your future.

Complete our short form. We will get back to you shortly with how much we can approve you for and what your monthly payment will be

Questions about renewal/transfer/switch mortgage? We can help!

In Canada, people tend to move frequently, sell and buy homes. Some mortgages restrict the transfer from the sold house to the new one purchased, to less than 60 days, which means you have to coordinate the sale and the purchase dates. When it’s a simple transfer with no additional funds, most banks won’t charge you a penalty or will charge you and reimburse later. In most cases, there is a need in new funds, or the individual's circumstances have changed. Then it's important to look at the numbers and compare refinance vs transfer.
With Credit unions, it might be difficult to transfer a mortgage as they act within specific geographical boundaries. If you have a more complex mortgage (with a line of credit or cashback, for instance) or need more money, the game changes. In most cases you’ll be better off looking for a new mortgage, that will save you much more. An extra attention should be given to the new mortgage regulations that came into effect in 2018. Under those regulations, porting a mortgage as is, becomes sometimes impossible, as the new lender has to reapprove the mortgage under much restricting rules
Because when considering a Mix and Blend with current bank, you should compare two scenarios: The first is to take a new mortgage with a new lender, while paying the penalty. The second is to stay with the current lender and mix your old mortgage terms with new mortgage terms offered by them. In this case there is no penalty. We frequently see, after calculating both scenarios that the client is better off taking a whole brand new mortgage .
When you refinance, the answer is: yes. When you switch from lender to lender just to improve the rate you won’t be able to borrow more to cover the costs. This means that the cost of penalty and legal fees will be paid directly by you.
It’s easy. Once you get your bank’s renewal offer, just send it to us. We’ll review it, look at your finances, listen to you, your desires, wishes and plans, and calculate your numbers. We do a comprehensive review, so your decision will take everything into account. Feel free to approach us, as you are at the time to act, time with no penalty, no restrictions, just more choices to do the best for yourself.

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NOTE: ALL MORTGAGE CALCULATOR RESULTS ARE APPROXIMATE VALUES. Please call us for your exact mortgage calculation.

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Fill up this short form and we will get to you shortly, with how much we can approve you for and what will be your monthly payment.

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