Switch or transfer

A switch or transfer of a mortgage is different than a mortgage refinance. When your mortgage runs out and it is up for renewal or you are looking to switch lenders at any point, as long as you don’t increase the size of the mortgage it is called a switch or transfer. When you start increasing the size of the mortgage, this now turns into what is typically known as a mortgage refinance. The biggest difference her is a refinance usually requires legal fee expenses around about $700 – $1200. When you are just switching or transferring the mortgage, there are no legal costs. Sometimes banks will offer to pay your legal costs but the interest rate is usually higher. In most circumstances, you are far better off paying the legal costs yourself. At the Jessi Johnson Mortgage Team, we are one of the only brokerages who will cover your legal costs on a refinance providing the lender approves of your deal.

 

Special conditions apply. Rates subject to change.