► Introducing our new "no-hassle" transfer!

While mortgage transfers have been a great alternative when you want to consolidate in the same process, it has proved cumbersome if there are no additional funds advanced. Documentation demands, pressure tactics and rate games from the original financial institution, as well as the costs involved doesn't make the process very attractive.

Mortgage Results's switch program aims to improve this process through minimum documentation requirements, value added services and  Mortgage Results's industry leading service and low rates.

Our Switch/Transfer program includes:

All legal and appraisal costs (including title insurance)
Home Warranty coverage for one year
Capitalization of fees and penalties ($1,000 for NHA, case by case for conventional)
EASY SWITCH - no employment documentation required when mortgage renewal provided (Mortgage Results will confirm income from EASY SWITCH form which is completed at the time of application.

Our Minimum requirements are:
 

   • Minimum Term 3 years
   • Minimum Amortization 10 years
   • Minimum Loan Amount $75,000

Switches not available for: Private mortgages, Line of Credit, Step and Split level mortgages

Please contact us if you have any questions regarding this program.

► Should you break your mortgage for a lower rate?

Yes and no? When you break your mortgage contract to renew your mortgage at a new rate and a new term, you're faced with a prepayment charge to reimburse your financial institution for the lost interest income.

As a basic rule of thumb, the prepayment charge is based on three months interest or the interest rate differential (that's the difference between your present mortgage rate for the balance of your term and the current rate you want to take out), whichever is greater.

If your mortgage is insured by the Canadian Mortgage and Housing Corporation, you pay a maximum penalty of three months interest after the third anniversary date of the interest adjustment period, or after the third anniversary date from your most recent renewal.

The amount of the prepayment charge will tell you whether or not you should renegotiate your interest rate. Generally speaking, the shorter your remaining term - ideally less than a year - the smaller the penalty, and the more attractive early renewal becomes. On the other hand, the longer the term left on your mortgage, the greater the prepayment penalties, which makes early renewal less desirable. At Mortgage Results we can find you a lender that will make it worth while to get your mortgage business… let us show you how!