Talk To Us Before Switching Mortgages Brokers
Your Local Mortgage Experts
When it is time to change, update, or renew your mortgage, it is as important a financial and investment decision as the first time you purchased a mortgage. So do not simply accept the new interest rates and mortgage terms offered by your current lender – our mortgage brokers could find you a better deal!
Your lifestyle, financial situation, and the market conditions will have changed since your first mortgage purchase. Talk to us before you decide to switch your mortgage. Natasha Bridgmohan and her team of expert brokers at Mortgage Intelligence will be able to provide a customized mortgage solution to better suit your current and future needs.
What is a Switch Mortgage?
In essence, a switch mortgage means moving your mortgage to another lender. However, there is a lot more to it than that. With years of experience serving the mortgage industry, our mortgage consultants at Mortgage Intelligence can provide expert advice on whether a switch mortgage is a good for you.
Here is how we will help:
- Explain the legal effects and mortgage rules that are applicable with your mortgage lender
- Ensure your understanding of the best way to change your mortgage – refinance, renew, or discharge and take out a completely new mortgage
- Determine whether you qualify for a switch mortgage – this is dependent on your credit score, your current financial situation and ability to pay, your non-mortgage assets and debt obligations, as well as your existing mortgage type, interest rate, and debt/equity ratio
Why switch your mortgage to another lender?
If you are a homeowner looking to refinance or renew your existing mortgage, it is important that you consult a mortgage professional before simply signing the renewal document you receive from your present lender. With a switch mortgage, another lender could give you what you want – better mortgage terms, better interest rates, better service, or simply a better mortgage product to suit your current and future needs.
What happens when you switch your mortgage?
Whether you decide to renew your mortgage with your existing lender or switch your mortgage lender, you are essentially starting the mortgage process again, from discharging the existing mortgage to taking out a new one and beginning the whole payment process – albeit at a lower principal amount.
Did You Know?
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 implications (if any), and replaces those of the transferring institution. So even though the old mortgage is still registered on title, the 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 renewal form you have in hand from the lender who did your previous mortgage financing has a rate that is probably not as competitive as it could be. Most lenders count on 70 percent of clients just signing the renewals because they believe it is a more convenient option.
Do not let a small matter of convenience dictate whether you simply sign a renewal with your existing lender – it could cost you in the form of higher rates. If you are looking for good mortgage rates and flexible mortgage options, let the mortgage professionals at Mortgage Intelligence do the work for you. We will answer your questions and handle all the details to make switching your mortgage simple, quick and convenient.
We make your switch mortgage something to smile about! The process has to be a simple and stress-free experience for you and that is our aim. We achieve this by offering a tailored mortgage solution with a lower interest rate and the mortgage terms to suit your needs.
It does not matter if you already have a mortgage; there is likely to be a better deal available for you! Talk to our Toronto mortgage brokers today. Contact Natasha and her team of brokers by calling toll-free at 1-866-553-7467 ext 221 or 905-851-8871 ext 221. You can also complete our online mortgage application form.