Your mortgage is coming up for renewal and you want to switch it to a different lender.
Mortgage coming up for renewal...Don't be too hasty in just signing the form and sending it back to the lender. Over 70% of mortgage holders do just that, and what is the usual result — a higher rate and a mortgage product that might not be best suited to their interests. Let a Mortgage Advantage-Mortgage Consultant do all the work for you — we will find you the best possible rate and product to suit your needs.
We want to ensure you get the best mortgage. Most lenders now offer "no cost or low cost switches" and it's a good way to ensure you get the best interest rate. Your Mortgage Advantage-Mortgage Consultant can take care of all the details for you and help you negotiate with your existing lender, or find a new lender who will give you the most competitive rate and product.
Call your Mortgage Advantage-Mortgage Consultant at 604-988-5608 or toll free at 1-888-988-5608 today! In addition, here's how switching works along with important related information.
The Dynamics of Switching
What happens legally when you switch
When you renew you are essentially starting the process again — discharging the existing mortgage, taking out a new one, and beginning the whole payment process, albeit at a lower principal amount. As such, you should treat this as just as important a process as the first time you arranged the mortgage. Remember your situation will most likely have changed since then, and you may require a different product with different terms attached to suit your needs.
In most Provinces, a switch of the current or lower balance requires only a simple assignment of interest in the mortgage to be executed by all parties and registered on title. This assignment also attaches the specific terms that will have legal effect, and replaces those of the transferring institution. So even though the old mortgage is still registered on title, all those old terms and conditions registered by your previous lender will be completely replaced by those of your new lender under the assignment of interest.
Moreover, the form that you are holding in your hand from the lender who did your previous mortgage financing, has a rate that may not be as competitive as it could be. Simply contact your Mortgage Advantage-Mortgage Consultant to ensure you secure the most competitive rate and product possible.