Renewal / transfer

A transfer means moving your mortgage from one lender to another. Typically the new lender will cover all associated fees with the transfer, provided you don’t increase the mortgage balance or amortization (how long it takes to pay the mortgage off).

Reasons for transferring are typically for a better rate and/or mortgage product than your existing lender is offering. This can happen mid-term, or on your maturity date. 

At your maturity date, it would mean no fees to you, so you should certainly shop for the best mortgage product & rate. Same as you did when you first purchased the property.

If transferring mid-term (before your current term is up), you should contact your existing lender and inquire the penalty to break the term. Once we know that, we can calculate whether a new rate will offset this cost, and ensure a transfer makes sense.

Most lenders can hold rates for 120 days. Therefore once you're within 4 months of your maturity date, that's a good time to reach out to us and explore your options. Never sign the first offer your lender sends at renewal, you can typically get much lower rates by shopping around.