Refinance mortgages

How do I switch mortgage to another bank?

Switching your mortgage to another bank in Canada, often referred to involves transferring your existing mortgage from your current lender to a new lender.

First, you should review your current mortgage terms, including the remaining balance, interest rate, and any penalties for breaking the mortgage early. Check if there are prepayment penalties or fees for breaking your mortgage before the end of the term.

Assess if you can secure a lower interest rate with a new lender. Consider if you want to change the length of your mortgage term or the type of mortgage (e.g., fixed vs. variable). Calculate how switching will impact your monthly payments and overall mortgage costs.

Research and compare mortgage rates and terms from various banks, credit unions, and mortgage brokers. Obtain pre-approval from potential lenders to see how much you can borrow and at what interest rate. Mortgage brokers can help you find the best deals and navigate the process of switching your mortgage.

Complete the mortgage application with the new lender. You’ll need to provide financial documents such as proof of income, credit history, and details about your current mortgage. The new lender may require a property appraisal to determine the current value of your home.

Carefully review the terms and conditions of the new mortgage offer, including the interest rate, loan term, and any fees. Be aware of any closing costs, legal fees, or application fees associated with the new mortgage.

Once you accept the new mortgage offer, you’ll need to sign the mortgage agreement and any related documents. The new lender will work with your current lender to pay off the existing mortgage and transfer the balance.

Your new lender will handle the process of paying off your existing mortgage. Ensure that the transfer is complete and that your old mortgage has been paid off.

Home loan calculations for 20 years (example)

How much does mortgage refinance cost?

Refinancing a mortgage in Canada involves various costs, including prepayment penalties, legal fees, appraisal fees, and more. Understanding these costs and factoring them into your decision-making process will help ensure that refinancing is a financially beneficial move. Consulting with a mortgage broker or financial advisor can also provide guidance and help you navigate the refinancing process.

Can I refinance second mortgage in Canada?

Yes, you can refinance a second mortgage in Canada. Refinancing a second mortgage involves obtaining a new loan to replace the existing second mortgage, often with the goal of securing better terms, reducing interest rates, or consolidating debt.

You can also see the similar FAQ about: 

• CIBC mortgage advisor salary
• CIBC mortgage disability insurance offer
• CIBC mortgage discharge fee
• CIBC mortgage prepayment charge
• CIBC mortgage statement payout request: how to make

Details of companies offering the financial services:

True North Mortgage

Web-site: https://www.truenorthmortgage.ca/

Turnedaway

Head office’s address: Unit 1 - 179 King St E Oshawa, Ontario

Phone: 855-668-3074

Web-site: https://www.turnedaway.ca/

Jeff Di Lorenzo

Head office’s address: 122 Lower Bench Rd, Penticton, BC V2A 1A8

Contact center: 1-877-744-3436

Phone: 778-839-3963

Web-site: https://yourequity.ca/

Clover Mortgage

Head office’s address: 7 City Centre Dr Suite 150, Mississauga, ON L5B 1M5

Contact center: 1-416-674-6222

Web-site: https://clovermortgage.ca/

Mortgage Commitment Powered By Centum Financial Services FSRA

Web-site: https://mortgagecommitment.ca/

Bank Of Montreal

Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6

Contact center: 877-225-5266

Phone: 416-867-5000

Web-site: http://www.bmo.com/main/personal

Swift code: BOFMCAM2

Stock code: BMO

BSB: 001

RBC Royal Bank

Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto

Contact center: 800-769-2511

Web-site: http://www.rbc.com/canada.html

Swift code: ROYCCAT2

Stock code: RY

BSB: 003