A ‘Switch’ is also called a ‘Transfer.’ This is where we are moving the same Mortgage Balance with the same Amortization Period to a different Lender who is offering a better Interest Rate than your current Lender is offering. 

Sometimes, depending on the Lender, their Renewal Rate options might not be as competitive as other Lenders. We always suggest giving your current Lender one last opportunity to fight for your business. 

Usually, once they know that you have spoken with a Mortgage Agent, they are a bit more willing to negotiate on the Interest Rate they were originally offering you. 

The earliest we can lock in Interest Rates for a Switch is 120 days from your Maturity Date. This is a fair amount of time to weigh the pros and the cons and make sure that you are going to secure the lowest Interest Rate available. 

More often than not, the new Lender will absorb all the costs associated with bringing the Mortgage to them. If there are any fees that might be incurred, this is discussed with you in advance before start the Mortgage Process.