Renew and Transfers (Switch Mortgages)

When your initial mortgage term is coming up for renewal, it is the perfect time to review your overall financial situation. When your term has expired, you can transfer your mortgage to a more suitable lender. There is usually no cost for a transfer of a mortgage as long as the mortgage amount, person(s) on title and remaining amortization does not change. Depending on the lender you are currently with, they may have a "discharge fee" to leave or to renew. This will usually be disclosed to you at time of accepting mortgage.

In most cases, our lenders will pick up the cost of any transfer fee's. There are no brokerage fee's from us, and best of all, a renewal or Transfer with Absolute is entirely free. It is a good idea to explore all your options 120 prior to the renewal date to ensure best rates and best lender. Too many people simply accept their current lenders offer without consulting a broker.

Summary

• No transfer cost
• No legal cost
• No appraisal fee's (on high ratio insured deals only)
• 120 day rate holds

It is still a good time to lock into longer terms as rates are still low. rates can most likely go in two directions.... Straight forward or Up.

When you shop for a mortgage, also shop for a good broker. A good broker will end up saving you thousands over a mortgage lifetime.