Mortgage Transfer/Switch

Did you know that when you mortgage comes up for renewal you have lots of options?

When your mortgage comes up for renewal we have what is called mortgage transfer / switch.  A lot of people don't like the idea of transferring their mortgage because of the requirements to re-qualify by providing a whole bunch of new documents.   We now have lenders who don't require you to re-qualify by proving your income.  They will simply transfer your mortgage with a minimal amount of paper. 

In order to qualify for a mortgage transfer without qualifying you must meet the minimum requirements outlined below;

• NO additional money needed
• Must have been previously insured with CMHC or Genworth (I can help you determine this)
• You must have a decent credit score of 650
• Must have been with your current employer for a minimum of 2 years
• The employer specified must match the info on the credit bureau (I will determine if this is the case)

Some of the benefits include;

• Options, you have the ability to possibly negotiate a better rate than being offered by your existing mortgage lender
• The new lender will cover up to $250 in transfer costs
• Very easy to transfer
• Awesome renewal rates so you may never have to move your mortgage again to get the best rates

If you have any questions about this or any other question about mortgages please contact me.  You can also follow my link to my website for more information.  www.shawnmooney.com

Some conditions apply.  O.A.C.