transfer or Renew Your Mortgage
Is a Mortgage Transfer the right option for you?
Why a Mortgage Transfer Makes Sense
A mortgage transfer happens when a homeowner moves their existing mortgage to a new lender without borrowing extra money. Unlike refinancing, there are no penalties, discharge fees, accrued interest, or legal costs! Homeowners usually switch their mortgage at maturity to get a better interest rate or a more suitable mortgage product. You can even start the process before your maturity date. Rules vary depending on the mortgage type, so it’s important to speak with a mortgage professional to guide you through.
Mortgage Transfer Benefits
A mortgage transfer can be a smart move because, in most cases, legal fees and appraisal costs don’t apply. Your mortgage also stays insurable, which often means a lower interest rate for you. Many homeowners aren’t aware they qualify for a mortgage transfer and are instead advised to refinance—a much more expensive option.
Renewing Your Mortgage
Mortgage renewal is often the perfect time for homeowners to review their financing options. Making changes at renewal or maturity usually means no penalties.
Most homeowners receive a renewal statement from their lender up to six months before maturity, often showing rates higher than current market rates.
Our team compares multiple lenders to find the best rate and solution for homeowners at renewal time.
If your current lender offers a great rate, we’ll let you know. We are fully transparent and always provide unbiased advice to help you make the best decision for your mortgage renewal.
Get Your Free, No Obligation Rate Quote Today.
Book a time that works best for you to chat about your mortgage strategy in a quick 20-minute call. ⬇️
Book a time that works best for you to chat about your mortgage strategy in a quick 20-minute call. ⬇️