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Switching Mortgages

You may be able to save thousands of dollars by switching mortgage lenders by taking advantage of preferred rates and features.

When Can I Switch My Mortgage?

You can switch when your term is up. Check with your bank or lender to determine the exact date. When you have less than 4 months left on your term or maturity date you should start inquiring about different rates and features.

In general if your mortgage amount is more than 80% or less than 70% of the market value of your property, you are more likely to receive a more competitive offer than your current bank or lender. This is because this type of mortgage is considered low risk. With low risk there are lower interest rates for you to take advantage of.

My Term Is Not Up Yet And I Am Paying A High Interest Rate

You can still switch to get a lower interest rate but it is important to determine what your penalty will be for breaking the term early.

In general, if you are in a variable rate mortgage your penalty will be capped at 3 months interest. If you are in a fixed rate mortgage you can expect to have a higher penalty. It is a good idea to sit with your broker to determine if it is worth while financially to break your terms and pay the penalty for a lower interest rate.

You Will Still Need To Qualify If You Switch Lenders

The approval process is similar to obtaining the first mortgage. You will need to gather documents such as employment letters, pay stubs, mortgage statements and property tax statements. Approval typically takes 5 business days.

Once you are approved all documents are updated through a lawyer, payouts are completed and your new mortgage interest rate is continued for the remaining term.

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