Switching occurs when you move your mortgage from one lender to another.
Consultation with one of our Mortgage Planners is absolutely free.
For the majority of clients with traditional qualified mortgages there would be no charge to you by us for our services, as the new lender would be paying us a commission fee for bringing them a new client.
Due to the competitiveness in the current marketplace, for standard registered mortgages we are able to negotiate a “no fee” switch/transfer for you. “No fee” means that the new lender will in most cases pay for costs associated with the switch/transfer such as appraisal, the registration of their mortgage, etc. In most cases, the only fee you would be required to cover is the discharge fee that your existing lender would charge you to leave them. However, there are some lenders willing to cover this as well in order to obtain your business.
Again, for traditional qualified mortgages the lender would be paying us a commission fee for bringing them a new client. Thus, we would not be charging you a fee for our services.
When you re-finance an existing mortgage, you are changing the terms of the current mortgage. Whether you want lower payments by stretching the amortization or to increase the mortgage amount, the existing mortgage that is registered would be voided. Therefore, there would be costs associated with this scenario. Normal costs would be appraisal and legal fees and depending on when you wish to complete the transaction an early discharge fee may be charged by your current lender for allowing you to break out of your existing mortgage. There are lenders that may pay the appraisal and legal fees, which will reduce the overall costs to you.