Time to transfer your mortgage?
If your mortgage is over 4%, we need to talk immediately! Many Canadians are taking advantage of these historic low interest rates by paying their penalty and switching banks to a lower rate lender.
I have saved thousands for my clients in the last few weeks. A quick call can determine if refinancing your mortgage makes sense. 604 649-5991 or toll free 1-800-687-9020
Homeowners may choose to do a mortgage transfer at any time and mid term if rates go down substantially make sense, however renewal time is typically when most people decide to make a switch and transfer their mortgage to another financial institution.
Top reasons to tranfer your mortgage from one lender to another:
to get a better rate
to get a better mortgage product
to get a better terms and conditions
to get better products to match their fianancial needs
The common myth is that transfering your mortgage is hard and time consuming. In fact, it is one of the easiest mortgage transactions. A quick call or applicaiotn will easily determine if transfering your mortgage is right for you.Below are typical questions and concerns you may encounter when considering a mortgage transfer:
Will I pay a penalty if I transfer my mortgage?
You will not be subject to any fees or payout penalties if you are switching at mortgage renewal time. If your mortgage is still in the term there may be a penalty to switch, however, we have found that paying the penalty in many cases to change institutions to either get a lower rate or a better mortgage product has saved thousands for our clients.
What happens when I transfer my mortgage?
Once you are qualified, your current mortgage balance and the remaining amortization period are transferred to your new lender with your new interest rate in place.
When I do a mortgage transfer, can I refinance at the same time?
Yes. Without incurring fees, some lenders will permit you to refinance to the original mortgage amount while others have limits of between $1,000 and $4,000. You also have the option of doing a transfer with a total refinance but you will be subject to fees similar to that incurred with registering a new mortgage.
How long before my mortgage renewal comes up should I start the mortgage transfer process?
You should think about switching your mortgage between 90 and 120 days before your mortgage renewal. This gives ample time to complete the process.