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CMP Mortgage Brokerage of the Year Award for 2009
 

Switching a Mortgage

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What happens legally when you switch?

Switching a mortgage from one lender to another is usually done on the renewal date. Remember your situation will most likely have changed since your first mortgage payment, and you will require a different product with different terms attached to suit your situation.

 

The renewal document that you received from the lender who did your previous mortgage financing, has a rate that probably is not as competitive as it could be. Don't just sign the form and send it back to the lender. It will most probably cost you in the form of higher rates.

The lenders count on 70% of renewers just signing the form and mailing it in — they are not forcing you — but they are counting on human nature to embrace convenience.



However, let us  do the work for you — the same convenience, at a much lower cost to you and a product and terms that will suit your current situation.

We will review your current situation and determine if you should stay with your current lender or go to a different lender. The new lender will pay for legal fees and appraisal fees to switch.

For more information, email us at info@professionalmortgageplanners.ca

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