CURRENT RATES

5 Year Mortgage Rates
Term TypeRatePromo & Info
5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
Our Mortgage Rates
TermTypeRate
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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SWITCH MORTGAGE OR TRANSFER MORTGAGE

The idea of making a change and taking your mortgage from one lender to another is where the name Switch Mortgage came from. Lenders compete for business just like retail and box stores do, and, as a result you will often find competing lenders with a different suite of products, interest rates, mortgage terms, or other characteristics that may suite your needs better than your current lender. Its fair game, you wouldn’t second guess changing your insurance provider to save money or get a better product so why would you not give yourself the same opportunity with your mortgage?

Why would I transfer or switch my mortgage from one lender to another?

There may be a number of reasons, but here are a few:

  • A better interest rate
  • A term that better suits your short term or long term goals
  • Pre-payment privileges that will allow for larger lump sum payments against your mortgage principal
  • Payment frequencies that are more in line with your preferred payment schedule
  • Non-financial benefits such as reward programs
  • Warranty programs that are offered by a certain lender
  • Perhaps you are a shareholder of a particular institution and want to pay interest to a lender you own shares in

Will it cost me any money to make a switch or transfer with my mortgage? 

Every situation is going to be different and will depend on a few things; however, the good news is that in most cases the new lender is willing to offer some incentives in order to get your business. Most often you will find lenders willing to do some of the following for you in order to earn your business:

  • Pay for, or reimburse you for an appraisal that may be required
  • Cover the legal fees involved in transferring the mortgage on title from the other lender
  • Sometimes cover up to $2,000 in costs associated with the switch, or let you increase your mortgage to this amount
  • Offer you an interest rate that is more attractive than your current lender

What process is involved in a transfer or switch with my mortgage?

It is like applying for a new mortgage except that there is no purchase agreement. In general you will need to provide your personal information, proof of income, employment history and details on your existing home and mortgage to complete a transfer or switch.

It may take a few days of work, but if the numbers make sense you might find that you can save yourself thousands of dollars simply by changing your mortgage lender.