Saturday

Why Switch Mortgage?

Switch mortgage means moving your mortgage to another lender. When you get that renewal notice in the mail don’t just sign it and accept the lenders interest rate and terms without giving us the opportunity to see if we can get you a better deal from another lender. In most cases, there is no cost to the borrower when transferring their mortgage as the new Lender normally covers any associated costs, such as the appraisal fees and transfer charges. Prior to transferring a mortgage, a Lender will go through a process of mortgage approval similar to that which was gone through at the time of the original mortgage application. Although remortgaging can be a sensible option for many borrowers, it may not suit everyone. If you only have a short period before your mortgage is paid off in full, or have a mortgage with large redemption penalties, the costs involved with remortgaging may outweigh the benefits.

0 comments:

Copyright | The Mortgage Man Abbotsford Real Estate