Switch-Renewal
Sometimes, Change is Good.
SWITCHES
Occasionally, it makes clear financial sense to simply move your mortgage to a new lender today — “as is,” with no change to its amount or structure. Even mid-term, when penalties and other costs may apply, the math can still work in your favour.
Many lenders offer switch incentives, covering some or all of the costs to transfer your mortgage over to them. Our job is to run the numbers in black and white and show you whether there are thousands of dollars in savings worth acting on.
Note: If you’re looking to access additional home equity and/or change your mortgage’s architecture, that’s considered a refinance, which we can also structure for you.
If this is your first time connecting with us, welcome. For our existing clients, we actively monitor the rate environment and reach out when we see meaningful savings opportunities. Think of it as Rate Insurance — an ongoing advantage of working with us that no single bank can truly replicate.
Contact us if you’d like to explore whether a switch makes sense for you.
RENEWALS
When your mortgage comes up for renewal at the end of its term, your existing lender knows two things. First, you’re busy. Second, signing their renewal paperwork is easy. The bank hopes you just “reset and forget.”
That convenience can be expensive.
A renewal is one of the few moments where you can step back and ask better questions. A better rate elsewhere is one thing; is the term right? What happens if you sell or make a major change? Are you walking into a penalty problem? Should the mortgage be restructured while you have the opportunity?
Sometimes staying with the same lender is the right move. Sometimes switching lenders creates big savings. Sometimes the rate is not the main issue at all. My job is to run the numbers in black and white and show you what actually makes sense.
The difference between a Renewal and a Switch is that with Renewals, moving to another lender/product can be done penalty-free at the maturity of your mortgage’s old term. Your mortgage is a “free agent” in this precious window.
So before you just sign back that renewal, book a call. We will review your bank’s offer and your mortgage’s design before you commit.