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.
Looking to switch your mortgage in Canada? This type of mortgage service comes with several benefits, including:
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.
Switching your mortgage can allow you to negotiate better terms, such as a shorter mortgage term or more flexible payment options.
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.
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.
A mortgage switch and a refinance are two different options for changing your existing mortgage.
A mortgage switch involves moving your mortgage from one lender to another.
A refinance involves renegotiating the terms of your existing mortgage with your current lender or a new lender.
The purpose of a mortgage switch is typically to obtain a better interest rate or more favourable mortgage terms.
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.
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.
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.