Switch/Transfer Mortgage Kitchener, Waterloo, ON
At the end of a mortgage term that still has a balance owing it is likely a good idea to consider your mortgage options. The easy decision is likely to stay with your current lender. However, this option might have a substantial cost to you. It might be that you are foregoing a savings opportunity or giving up on some improved mortgage features that are offered by other lenders.
Switching or transferring your mortgage at the end of its term can be a very cost effective solution that should at least be considered.
You should also be aware of whether your existing mortgage or the one you are switching to is associated with a collateral mortgage charge. A collateral charge means that your mortgage has been registered for an amount that is actually greater than your mortgage amount. In doing so, the lender is providing for the future possibility that you might want to access additional equity in your property without incurring additional legal fees. However, this feature might not be of interest to you and furthermore, it might limit the future choices that you have for switching your mortgage to another lender.
Switching can be a very good idea but take the time to ensure that you understand if today’s choice will limit tomorrow’s options.
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