Mortgage Switch/Transfer BC

Top reasons to Transfer/Switch your mortgage from one lender to another:To get a better rate

• To get a better mortgage product
• To get a better terms and conditions
• To get better products to match your financial needs

 

Transferring your mortgage is one of the easy and least time consuming things to have done. You should contact your Vancouver BC Mortgage Broker to discuss your situation if you are considering any of the reasons listed above.

• 
  Typical questions and concerns clients have when considering a Mortgage Transfer 
  

• 
  Is there a penalty for transfer my mortgage?
  You will not be subject to any fees or payout penalties if you are switching at mortgage renewal time. If you transfer prior to the terms end you may be charged a penalty for switching. In a lot of cases you should consult a Mortgage Broker to have them break down the numbers to determine if paying the early payout fee is cost effective. In a lot of cases even paying the penalty can save you thousands over the term of the mortgage.

  What happens when I transfer my mortgage?
  In most Provinces a Switch/Transfer 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 effect, and replaces those of the transferring institution. So even though the old mortgage is still registered on title, all those old terms and conditions registered by your previous lender will be completely replaced by those of your new lender under the assignment of interest
  .
  When I do a mortgage transfer, can I refinance at the same time?
  Yes. Without incurring fees, some lenders will permit you to refinance to the original mortgage amount while others have limits of between $1,000 and $4,000. You also have the option of doing a transfer with a total refinance but you will be subject to fees similar to that incurred with registering a new mortgage.

• 
  When should I start the mortgage transfer process?
  Think about Switching/Transferring your mortgage between 90 and 120 days before your mortgage renewal. This gives sufficient time to complete the process.

•