A mortgage switch or a transfer mortgage is when you move your current mortgage from one lender to another. The only thing that varies with a mortgage transfer is your term and interest rate. The process includes the new lender approving your home loan’s takeover and paying the current lender’s due amount.
Next, after getting the pending amount, the existing lender releases the property papers and issues a no due to certification to the borrower. These papers are sent over to the new financier. Once this process is done, you must pay all the outstanding future EMIs to the new lender as per their interest rate policy.
If your mortgage renewal date is around the corner, or you are thinking of a transfer/switch to get a better rate, then a mortgage broker can assist you in making the right decision. At TopRankinMortgages Inc, we can provide advice on your case and assist you in selecting a lender who will not only give you the best rate but the most suitable mortgage product too!