Sometimes the grass is greener on the other side
You don’t have to wait until your mortgage renews to jump on an opportunity to save money. When attractive rates and terms are available through another lender, it may be worth transferring your mortgage to that lender if the savings significantly outweigh the related costs of transferring. A switch transfer involves setting up a new mortgage with the new lender, who then pays out the full balance of the existing mortgage, so your mortgage obligation is essentially transferred to the new lender.
Switching to another lender is always considered at the time of renewal, however if you see better rates posted by another lender during the term of your mortgage, we can provide guidance on your situation and whether it’s worth switching to another lender.