Mortgage Solutions · Switch / Transfer
Your lender mails a renewal letter hoping you'll sign it without looking. A switch moves your mortgage, same balance and no equity pulled, to whoever offers the best deal. Often with the costs covered.
Two ways to handle your renewal
The lender is counting on the left column. The right takes about as long.
A switch only takes a little more effort than signing, and on a six-figure balance, even a fraction of a percent compounds into real money over the next term. The lender is betting you won't bother. That bet is what we exist to lose them.
Run your own numbers
A renewal letter rarely shows the sharpest rate. Set your balance and how far the market sits below your posted renewal: this is the money left on the table over one five-year term.
The balance moving to the new lender, unchanged in a switch.
The gap between the posted renewal and what a switch could get.
on a $500,000 balance at 0.30% above market.
What a switch actually does
All three happen at renewal, but they're not the same move. A switch keeps your mortgage as-is and just changes who holds it. Here's how the three compare.
Move the same balance to a new lender for better terms. No new borrowing, no equity pulled.
Balance: unchangedReplace your mortgage with a larger one so you can access cash or consolidate debt.
Balance: growsAccept your current lender's offer and stay put. The default the letter is built around.
Balance: unchangedBefore you switch
A switch should be clean and cheap. These are the three places it can get complicated, and we check them up front so there are no surprises at the lawyer's office.
Switch when your term matures and there's no penalty, since you're moving an expiring mortgage. Switch mid-term and you'll pay a break penalty, at which point the math usually points to a refinance instead. We start the process 60 to 120 days out so the new mortgage funds the day the old term ends, with no gap.
Some lenders, and most HELOC-bundled mortgages, register a collateral charge, which other lenders won't take over by a simple switch. Moving one means a refinance, with legal costs a switch would normally avoid. We check how your mortgage is registered up front, so there's no surprise at the lawyer's office.
Even though the balance doesn't change, the new lender treats it as a fresh approval: income, credit, and the stress test all apply. For most people at renewal this is routine, but if your situation has tightened it can affect your options. We pre-check your file against likely lenders before you commit, so a switch that won't fly never wastes your time.
Common questions
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