Is your mortgage coming up for renewal? Don’t automatically accept your lender’s renewal offer.
Rateplicity’s mortgage switch / transfer program helps Canadian homeowners move their mortgage to another lender at maturity and take advantage of more competitive rates and mortgage options.
A mortgage switch allows you to transfer your existing mortgage balance to a new lender while generally keeping your remaining amortization schedule intact. This can help you secure better terms without resetting the clock on your mortgage.
Depending on the lender and mortgage program, eligible transfer costs such as legal and appraisal fees may also be covered, helping make the switch simple and cost-effective.
Getting started is simple. Complete our mortgage application and one of our mortgage professionals will contact you to review your current mortgage, remaining amortization, and available transfer options.
In many cases, the review can be completed quickly, allowing us to determine whether you qualify for a mortgage switch and identify competitive rates and terms from our lender network.
Eligible switch programs may also cover certain transfer costs, such as legal or appraisal fees, helping reduce the expense of moving your mortgage to a new lender.
By switching at renewal, you may be able to lower your interest rate, reduce your borrowing costs over the term, and move to a mortgage product that better fits your financial goals.
Want to Pay Off Your Mortgage Even Faster?
If switching to a lower interest rate reduces your required mortgage payment, you may have the option to keep making the higher payment you were already accustomed to.
For example, suppose your current lender’s renewal offer results in a monthly payment of $1,000, while a lower-rate mortgage through Rateplicity reduces your required payment to $900.
Instead of lowering your payment, you could continue paying $1,000 per month. The additional $100 would be applied toward your mortgage principal, helping you pay down your mortgage faster and potentially reduce the total interest paid over time.
The impact can be significant. Use our mortgage calculator to see how increasing your regular payment could affect your remaining amortization and overall borrowing costs.
Our mortgage switch and transfer programs may also offer additional features, including flexible payment options and prepayment privileges, depending on the lender and mortgage product.
Conditions and lender guidelines apply. Contact Rateplicity for a free consultation and we’ll review your current mortgage, renewal offer, and available options.
