Mortgage Transfer in Burlington, Ontario
A mortgage transfer is when a home owner switches their existing mortgage to a new lender but is not adding on any additional funds (penalties, discharge fees, accrued interest, legal fees do not apply). In this scenario, someone will typically switch their mortgage at maturity for a better interest rate and mortgage product or switch prior to maturity and cap penalties into the new mortgage. Different rules and guidelines apply, depending on the mortgage product and lender so it is very important to talk to a mortgage professional to navigate you through the process. A switch/transfer can be extremely beneficial because in most cases the legal fees and appraisal costs are paid by the new lender and the mortgage remains insurable or securitized, meaning a lower interest rate for the borrower. Many home owners may not even realize they are eligible for a mortgage transfer but instead are told to refinance which can lead to unnecessary costs and a higher interest rate.
Contact Burlington Mortgage Agent Call (647) 888-6900
Kirk Eaton Mortgage provides Mortgage Broker Services to clients across Ontario and the GTA, specializing in the local markets of Burlington, Oakville, Mississauga and Hamilton.
Mortgage Services provided by Kirk Eaton Mortgage include:
Kirk was a pleasure to deal with every step of the way. He made being a first time home buyer stress-free for my wife and I by explaning everything clearly and answered questions even when they weren’t directly related to the mortgage without ever making us feel rushed. Most importantly, he got us a fantastic rate on our first mortgage.