Mortgage Transfers

Why transfer your mortgage? 

As your renewal date draws closer, it is time to start thinking about your renewal options.  Did you know that lenders retain 80-90% of their current client list at the time of mortgage renewal?  Because their retention ratio is so high, lenders know that they don't need to be competitive on rates in order to retain clients.  They are in fact "banking" on the fact that you as the consumer will simply tick the box on the renewal letter and will not challenge them on the given rate.

With very little effort on your part you can save thousands of dollars by transferring your mortgage to a new lender.  For example, transferring your mortgage can generally save you up to and over 1% on rates offered by your current mortgage holder.  This means that I can help you save up to $6,270 for every $100,000 in your mortgage over a 5 year term.

Just imagine how you could spend that extra money!

How do I transfer my mortgage?

The process is quite simple.  Once we determine what your mortgage needs are, we will need to update your file.  I will submit your application for a mortgage transfer with the new lender who has the best rate for the mortgage that you are looking for.

You will have to pay your existing lender a discharge fee, however, all other fees are picked up by the new lender.  The discharge fee will range depending on the lender, but is typically $200-$250.

Remember that you will be saving thousands of dollars by making the switch so this fee will be made up very quickly in saved interest.