There is no better time than to consider transferring your mortgage to a new lower rate. To transfer my mortgage or not. Below are some things to review:
1.Transferring your mortgage in the middle of your term can be a great option if your new mortgage interest rate is lower than your current mortgage rate.
2.All lenders charge a penalty to get out of your existing mortgage so it’s important to deduct the cost of your penalty when evaluating your overall savings by transferring your mortgage to a lower interest rate.
3.Transfer costs: transfer costs can vary from lender to lender. That is why it’s important to have an experienced mortgage professional look at the fine print of your lenders contract.
4.Requalifying: to move from one institution to another does require you to re qualify for the new mortgage. This can be fairly easy and straightforward depending on the new mortgage lender, trust company or bank. Many require only a credit check to ensure you are current with your debts and updated employment confirmation.
5.Legal fees: not all lenders require your mortgage to be re registered. If you are transferring your mortgage from one bank to another without adding any funds – only changing the rate - many times you have to do an inexpensive transfer document. Other times, again depending on the terms and conditions of your existing mortgage your new and old lender may require you pay full registriaotn of the new mortgage.
Transferring your mortgage is a solid strategy in lowering your overall mortgage payments and be mortgage free sooner. That being said, there is no price on getting the right advice. You can save but the question is how much and at what cost. If you would like to know if transferring your mortgage is in your best interest, call me. I will do a quick calculation to check. 604 649-5991 or email me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it I look forward to helping you make the right decision.
