Mortgage Transfers and Switches

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Clarington, Oshawa, Toronto, GTA, Woodbridge, Niagara Region Mortgage Switches and Transfers made Easy

Mortgage Switches and Transfers Made Easy!

We specialize in helping people across the GTA and Niagara Region with all their mortgage needs.

Yes I am interested in learning more about Mortgage Switches and Transfers

Your #1 Choice when it comes to Mortgage Switches and Transfers in Ontario.

For many people across the GTA, Niagara Region and all over Ontario, switching mortgages seems like the easiest and most convenient option. While there could be many reasons someone will decide to switch or transfer their mortgage, there are two primary scenarios in which it would make the most sense to switch providers.

What is porting a mortgage?

Porting your mortgage means taking your existing mortgage,  along with its current rate and terms, from one property and transferring it to another. You’re only allowed to port your mortgage if you’re purchasing a new property at the same time you’re selling your old one. Unlike mortgage refinancing, porting a mortgage doesn’t require you to break your mortgage and pay prepayment penalties.

Don’t worry if the mortgage you’ll need for the new property will be larger, that’s a very common situation when porting a mortgage. Most lenders will offer what’s called a blend and extend. This is essentially a weighted average of the existing mortgage and interest rate, and the new money required at a current mortgage rate.

What is A Mortgage Switch?

A mortgage switch, or a transfer mortgage, involves moving your current mortgage from one lender to another. While all the terms of your mortgage are reset when you refinance, with a mortgage switch, the only things that change are your term and interest rate. This is ideal for when you want to take advantage of lower interest rates in the market (or are just not happy with your current lender) but are not interested in changing any other terms of your mortgage.

If you break your mortgage, there will likely be a penalty of some sorts. However, many times the savings you’ll get by switching to a lender with better rates will more than make up for it. You can completely avoid this penalty by making the switch at the end of your mortgage term. In most cases, the new lender will cover the cost of legal fees. If you are lucky, they might even cover the cost of the appraisal if one is required.

No matter what your situation is, we help simplify the home financing process and worry about all the financing details so you can get down to finding just the right property as fast as possible.

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