Mortgage Renewals, Transfers in London, Woodstock ON

Dan Balch, mortgage broker provides comfortable mortgage options to clients for mortgage renewals, mortgage transfers, mortgage refinances across London, Woodstock, St. Thomas, ON.

Mortgage Transferring

I am often asked what is the difference between a transfer and a mortgage refinance?

A transfer is the movement of your mortgage from one company to another. Don’t like your current company, not treating you very well, not offering you the best mortgage rates, or best products? You can transfer your mortgage to another company who will pick up most of the charges to do so. There are even some companies that will pay most of your discharge fee, which is always present when you leave your mortgage company. You can even transfer midterm if you pay your penalty to break your current mortgage. Most companies will allow you to roll that penalty up to $1,500 - $2,500 into your mortgage. Unlike the mortgage refinance, the rest of the terms must remain the same.

The only downside to a transfer is we have to completely underwrite the deal, which is to say, pull your credit, get your job letters and pay stubs again.

Let me guide you through the transfer process or at least determine if a transfer is for you.

Mortgage Renewal

The crazy thing about renewing your mortgage is most Canadians don’t realize that they can get a better deal than what their current mortgage lender is offering. When it comes time to renew, if you are with a mortgage company, they will send you out their best mortgage rates, you can always call mortgage broker, Dan Balch to confirm.

The banks on the other hand often send out rates that look good but not great. The reason they do this is 70% of Canadians just sign their renewal and send it back. They don’t check to see if the rate they are being offered is the best rate they could get. One of our best-selling points as a mortgage broker is we can determine that for you and as stated above take you to another company and do a transfer and get you a better rate.

Now to best honest if you have had some bumps on the road or went through a bankruptcy and are not quite credit worthy at this point, it would be in your best interest to renew with your current company at almost any rate they are offering you (within reason, call me for that second opinion).

What is the difference between transfer and mortgage refinance?

A transfer is the movement of your mortgage from one company to another. Don’t like your current company, not treating you very well, not offering you the best mortgage rates, or best products? You can transfer your mortgage to another company who will pick up most of the charges to do so. There are even some companies that will pay most of your discharge fee, which is always present when you leave your mortgage company. You can even transfer midterm if you pay your penalty to break your current mortgage. Most companies will allow you to roll that penalty up to $1,500 - $2,500 into your mortgage. Unlike the mortgage refinance, the rest of the terms must remain the same.

A mortgage refinance can occur with your current mortgage lender or with another mortgage lender. The main reason for mortgage refinancing is usually changing the mortgage amount by taking out equity for many reasons. Some of the top reasons are:

  1. Pay off those high interest credit cards and lines of credit
  2. Do that renovation you have been dreaming about for years
  3. Pay for children’s education or wedding
  4. Increase your cash flow by lowering your rate and amortization
  5. Get a better interest rate