Renewal / Transfer or Switch
Do you want to take advantage of better rates than your current ones? Let's talk about how we can do that!
Renewals
Renewing your mortgage means staying with your current lender for another term (1-5 years). If you have good credit, you may be able to negotiate your interest rate and term. You don't need to reapply and may not need to check your credit history.
Transfer or Switch
When you Transfer or Switch, you'll pay off your current mortgage with your current lender to negotiate a new mortgage loan agreement with a new lender. Therefore, you must re-apply and provide all income documents, a credit history check, and meet the requirements for the remaining mortgage balance on your loan. ... A Transfer or Switch should be done or applied at least 3 or 2 months before your current Mortgage's maturity date. To avoid penalties with your current lender, the closing date of the transferred or switched Mortgage should be the Maturity Date of the existing mortgage.
