You have just been sent a renewal notice for your current mortgage, or you would like to redo the mortgage that you already have in place in order to lower the payments or to increase the loan amount. What do many people do? Most would probably go to their current lender and after a short consultation resign with them. It's quick and easy.

This is a very common scenario. An important question beckons however, "Did you really get the best deal?" Well, in most cases "No". Do you not normally shop around when you make a purchase? How many places do you check for the best value before you buy that new car, furniture, that new jacket? Wouldn't it make sense to shop around before resigning for that mortgage?

With the aid of one of our experienced Mortgage Specialist, we can also make it quick and easy.

Are there any costs to me if I switch?

For the majority of clients with traditional qualified mortgages there would be no charge to you by us for our services, as the new lender would be paying us a commission fee for bringing them a new client.

Due to the competitiveness in the current marketplace, for standard registered mortgages we are able to negotiate a "no fee" switch/transfer for you. "No fee" means that the new lender will in most cases pay for costs associated with the switch/transfer such as appraisal, the registration of their mortgage, etc. In most cases, the only fee you would be required to cover is the discharge fee that your existing lender would charge you to leave them. Currently, this amount averages between $150-$300 depending on the lender. However, there are some lenders willing to cover this as well in order to obtain your business.

Are there any costs to me if I re-finance my mortgage?

Again, for traditional qualified mortgages the lender would be paying us a commission fee for bringing them a new client. Thus, we would not be charging you a fee for our services.

When you re-finance an existing mortgage, you are changing the terms of the current mortgage. Whether you want lower payments by stretching the amortization or to increase the mortgage amount, the existing mortgage that is registered would be voided. Therefore, there would be costs associated with this scenario. Normal costs would be appraisal and legal fees and depending on when you wish to complete the transaction an early discharge fee may be charged by your current lender for allowing you to break out of your existing mortgage. There are lenders that may pay the appraisal and legal fees, which will reduce the overall costs to you.