Thinking about switching your mortgage?
“A mortgage transfer is the process of moving your mortgage over from one lender to another,” says Chris Saffie, Personal Banking Manager at Cambrian.
“You usually do this when your mortgage is up for maturity at the end of your term, but in some circumstances, you might want to switch sooner – for example, to refinance your mortgage to pay for renovations or to take advantage of a better offer.”
We met with Chris to talk about how mortgage transfers work, and why you should switch your mortgage to Cambrian!
A few common reasons why you might do so include:
“If you’re breaking your mortgage term, you may want to check with your lender what the penalty will be,” says Chris.
“When you transfer a mortgage before it reaches maturity, a typical pre-payment penalty could be 3 months of interest or the interest rate differential. It's best to check with your current lender to confirm.”
“Make sure you’re striking the balance between getting the best rate, the prepayment terms you need, and the mortgage term that suits your financial goals. We can check if it’s feasible to make the switch now, or if it’s better to wait out the end of your term.”
“If your existing mortgage is maturing, you can move it to Cambrian for free, because we cover your transfer fees.”
We make the process of switching your mortgage simple! Follow these steps:
“We make it easy to do your banking in one place, because we pay your transfer fees and give you free banking through Unfee,” says Chris.
When you transfer your mortgage to Cambrian, we cover the following fees:
“We offer among the lowest rates in the market, which makes Cambrian a very cost-effective place to have your mortgage,” says Chris.
On top of that, as a Cambrian member, you bank for free!
“We can give you guidance on what’s best suited for your needs,” says Chris.
“When working with a Cambrian Advisor, you get to sit down with a lending expert who knows all the different options available to you. We take the time to evaluate and understand your financial position.”
“There’s a lot to consider before you switch your mortgage to another bank or credit union,” says Chris.
First, you must determine:
“When you meet with one of our advisors, we’ll perform a holistic review of your finances to determine the position you’re in and choose a mortgage that sets you up for financial success!”
Ready to get started on switching lenders? Book a meeting today!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
