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Mortgage Switch

Contact us today to learn about our mortgage switch options and how we can help you get better rates and save money on your monthly payments.

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Benefits of Mortgage Switching

Looking to switch your mortgage in Canada? This type of mortgage service comes with several benefits, including:

Lower Interest Rates

If you can find a lower interest rate with a new lender, switching your mortgage can potentially save you money on interest payments over the life of your mortgage.

Improved Mortgage Terms

Switching your mortgage can allow you to negotiate better terms, such as a shorter mortgage term or more flexible payment options.

Access to Home Equity

If you have built up equity in your home, switching your mortgage can provide access to this equity through a home equity line of credit or cash-out refinance.

Mortgage Switch Requirements

The specific requirements for a mortgage switch in Canada may vary depending on the lender and the type of mortgage product. Still, some common requirements include a good credit score, sufficient income, equity in the home, up-to-date property taxes, a property appraisal, and potentially paying penalty fees. It’s important to speak with a mortgage broker and review the specific requirements of your current mortgage and potential new mortgage options before considering a switch.

Mortgage Switch vs. Refinance

A mortgage switch and a refinance are two different options for changing your existing mortgage.

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A mortgage switch involves moving your mortgage from one lender to another.

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A refinance involves renegotiating the terms of your existing mortgage with your current lender or a new lender.

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The purpose of a mortgage switch is typically to obtain a better interest rate or more favourable mortgage terms.

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The purpose of a refinance can vary and may include obtaining a lower interest rate, accessing home equity, consolidating debt, or changing the mortgage term.

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The process of a mortgage switch is generally quicker and simpler than a refinance, as there may be fewer documents and requirements to satisfy. A refinance may involve more paperwork and a longer approval process.

Mortgage Switch Options

In Canada, there are two main mortgage switch options to choose from:

This option involves moving your mortgage from your current lender to a new lender who offers better interest rates or more favourable mortgage terms. With this option, you will need to apply for a new mortgage with the new lender and go through the approval process.

This option involves renegotiating the terms of your existing mortgage with your current lender, such as switching from a variable-rate mortgage to a fixed-rate mortgage or changing the length of your mortgage term. With this option, you will not need to apply for a new mortgage or go through the approval process, as you are already an existing customer.

Switching your mortgage in Canada typically involves a few steps. When you work with experienced mortgage professionals like the Jason Anbara, we can make it a smooth process. Our initial step involves a thorough review of your current mortgage terms. From there, we leverage our expertise to evaluate and compare various rates and terms, with the aim of identifying a more favourable lender option for you. After you’ve settled on a suitable option, we’ll contact your current lender and help you apply for a new mortgage. Of course, we’ll walk you through the approval process, including any potential fees.

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If you’ve been considering a mortgage switch for your home, reach out to us! We’re here to answer any and all questions you might have.