Can we transfer our mortgage to another Mortgage Lender?

April 27, 2015 | Posted by: Dawn Stephanishin

Yes, you can transfer or “Switch” your mortgage to another Lender to take advantage of another low rate offer or better Mortgage Terms. People from all across the Vernon B.C. and surrounding areas are taking advantage of this. A Switch is usually done at renewal time and as long as you are not making any changes to the amortization, amount or the loan to value it is very easily done. (The good news is that if you had a mortgage that was insured with CMHC, Genworth or Canada Guaranty, you are protected for the lifetime of the mortgage and keep the actual longer term amortization).

Straight Residential Mortgage transfers are usually without any charges or fees to you, unless your current lender has a fee or there is an early payout penalty when not at the renewal date. If you have a Collateral Mortgage registered on your property, these types of mortgages are not transferrable, the Mortgage is actually replaced with a normal mortgage at the time of the transfer and we do provide a legal package to help reduce the costs.

There are lots of lenders offering mortgages at the lowest rates in history, now is the time to take advantage of them! Call us to get started on your Switch today.

E&O/OAC

 

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