{"id":73748,"date":"2021-12-20T20:22:22","date_gmt":"2021-12-20T20:22:22","guid":{"rendered":"http:\/\/wilsonteam.flywheelsites.com\/?page_id=73748"},"modified":"2026-03-11T15:42:55","modified_gmt":"2026-03-11T15:42:55","slug":"renouvellements","status":"publish","type":"page","link":"https:\/\/wilsonteam.ca\/fr\/renouvellements\/","title":{"rendered":"Renouvellements"},"content":{"rendered":"

[vc_row row_height_percent=\u00a0\u00bb0″ override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2″ top_padding=\u00a0\u00bb3″ bottom_padding=\u00a0\u00bb3″ back_image=\u00a0\u00bb75251″ overlay_alpha=\u00a0\u00bb50″ gutter_size=\u00a0\u00bb3″ column_width_percent=\u00a0\u00bb100″ shift_y=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_visibility=\u00a0\u00bbyes\u00a0\u00bb mobile_visibility=\u00a0\u00bbyes\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb189328″ el_class=\u00a0\u00bbbuying-home-first-section\u00a0\u00bb][vc_column column_width_percent=\u00a0\u00bb60″ position_horizontal=\u00a0\u00bbleft\u00a0\u00bb gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb0″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/1″ uncode_shortcode_id=\u00a0\u00bb620349″ el_class=\u00a0\u00bbbuying-home-first-block\u00a0\u00bb][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb184377″]RENEWING YOUR MORTGAGE[\/vc_custom_heading][vc_separator sep_color=\u00a0\u00bbcolor-531944″ uncode_shortcode_id=\u00a0\u00bb213517″ sep_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb el_width=\u00a0\u00bb176px\u00a0\u00bb el_height=\u00a0\u00bb6px\u00a0\u00bb][vc_column_text uncode_shortcode_id=\u00a0\u00bb401057″]You\u2019ve heard about the switch mortgage and know that it means moving your mortgage to another lender but perhaps you don\u2019t quite have a complete understanding of the whole story.<\/p>\n

I believe that the best way to tackle the switch mortgage subject is to answer some of the many questions we\u2019ve had over the last little while.<\/p>\n

To begin with, when you get that renewal notice in the mail, do yourself a favor and don\u2019t just sign it and accept the lenders interest rate and terms without giving us the opportunity to search our portfolio of lenders for a better deal for you.<\/p>\n

Lenders in general make very good money with renewals when people just sign the renewal and send it back. Remember, there\u2019s no cost or obligation to explore your options and have us take a look.[\/vc_column_text][vc_button button_color=\u00a0\u00bbaccent\u00a0\u00bb border_width=\u00a0\u00bb0″ button_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb157090″ link=\u00a0\u00bburl:https%3A%2F%2Fwilsonteam.ca%2Ffr%2Fconsultation%2F|title:Consultation%20Form\u00a0\u00bb]Prendre rendez-vous[\/vc_button][\/vc_column][\/vc_row][vc_row row_height_percent=\u00a0\u00bb0″ overlay_alpha=\u00a0\u00bb50″ gutter_size=\u00a0\u00bb3″ column_width_percent=\u00a0\u00bb100″ shift_y=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ desktop_visibility=\u00a0\u00bbyes\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb926059″][vc_column column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb0″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/1″ uncode_shortcode_id=\u00a0\u00bb172589″][vc_single_image media=\u00a0\u00bb75253″ media_width_percent=\u00a0\u00bb100″ alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb100297″][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb949756″]RENEWING YOUR MORTGAGE[\/vc_custom_heading][vc_separator sep_color=\u00a0\u00bbcolor-531944″ uncode_shortcode_id=\u00a0\u00bb213517″ sep_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb el_width=\u00a0\u00bb176px\u00a0\u00bb el_height=\u00a0\u00bb6px\u00a0\u00bb][vc_column_text uncode_shortcode_id=\u00a0\u00bb186891″]You\u2019ve heard about the switch mortgage and know that it means moving your mortgage to another lender but perhaps you don\u2019t quite have a complete understanding of the whole story.<\/p>\n

I believe that the best way to tackle the switch mortgage subject is to answer some of the many questions we\u2019ve had over the last little while.<\/p>\n

To begin with, when you get that renewal notice in the mail, do yourself a favor and don\u2019t just sign it and accept the lenders interest rate and terms without giving us the opportunity to search our portfolio of lenders for a better deal for you.<\/p>\n

Lenders in general make very good money with renewals when people just sign the renewal and send it back. Remember, there\u2019s no cost or obligation to explore your options and have us take a look.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column column_width_percent=\u00a0\u00bb100″ align_horizontal=\u00a0\u00bbalign_center\u00a0\u00bb gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb0″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/1″ uncode_shortcode_id=\u00a0\u00bb148711″ css=\u00a0\u00bb.vc_custom_1636668397809{padding-bottom: 50px !important;}\u00a0\u00bb][vc_custom_heading uncode_shortcode_id=\u00a0\u00bb179236″]Frequently Asked Questions[\/vc_custom_heading][vc_separator sep_color=\u00a0\u00bbcolor-531944″ uncode_shortcode_id=\u00a0\u00bb213517″ sep_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb el_width=\u00a0\u00bb176px\u00a0\u00bb el_height=\u00a0\u00bb6px\u00a0\u00bb][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75248″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb848286″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb175465″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]WHY SWITCH MY MORTGAGE TO ANOTHER LENDER?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb103566″]There are several reasons why people switch their mortgages, but the primary reason is that another lender is offering a better interest rate or better mortgage terms. Another reason people switch is that they\u2019re unhappy with their current lender. It happens all the time.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75183″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb697652″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb136056″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]WHAT HAPPENS WHEN I SWITCH MY MORTGAGE?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb327544″]Essentially the new lender transfers over your current mortgage balance and the remaining amortization period on that mortgage. If you\u2019re outstanding balance is $95,256 and the remaining amortization period is 21 years, then that\u2019s what the new lender transfers over. Your new mortgage payments are then based on these numbers and the interest rate offered.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75181″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb142890″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb998055″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]CAN I SWITCH AND REFINANCE AT THE SAME TIME?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb177247″]Short answer is yes. Without incurring fees, some lenders will permit you to refinance to the original mortgage amount while others have limits of between $1,000 and $4,000. You also have the option of doing a switch with a total refinance but you will be subject to fees similar to that incurred with registering a new mortgage.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75175″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb276180″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb164658″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]WHAT WILL IT COST TO SWITCH MY MORTGAGE?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb908564″]If all you\u2019re doing is switching your mortgage to another lender then you should not be subject to any fees or payout penalties. Now, as I mentioned, if you decide that you want to switch and increase your mortgage amount or lengthen the amortization period, then the mortgage would have to be re-registered. If that\u2019s the case, you would likely be subject to legal fees, appraisal fees etc.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75242″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb182599″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb202707″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]WHAT\u2019S INVOLVED IN SWITCHING A MORTGAGE?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb191272″]Switching a mortgage is pretty simple, all you have to do is provide us with your form B and a recent mortgage statement from your current lender. The form B is a form you would have received along with your legal documents when you first received your mortgage. You will also be required to fill out a mortgage application.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75246″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb171276″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb642476″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]CAN ANY MORTGAGE BE SWITCHED?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb118145″]Most mortgages can be switched, however, there\u2019s another mortgage out there that\u2019s a bit different. Some lenders are registering mortgages as a collateral charge which provides for a fixed payment portion and a re-advanceable line of credit portion.<\/p>\n

While it\u2019s a great mortgage product, it cannot be switched from one lender to another.\u00a0To move your mortgage in this case, you\u2019ll have to re-register the whole thing.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75240″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb195885″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb309646″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]HOW SOON BEFORE MY MORTGAGE IS UP SHOULD I START THE SWITCHING PROCESS?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb828386″]You should think about switching your mortgage between 90 and 120 days before your renewal. This gives you ample time to complete the process.<\/p>\n

In the right circumstances, switching your mortgage can be very beneficial, however sometimes it pays to stick with your current lender.<\/p>\n

All it takes to find out what\u2019s best is to have one of our mortgage specialists review your current situation. If we find a better deal, we\u2019ll let you know. We\u2019ll also let you know if it\u2019s best to stay with your current lender.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb2″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb1\/6″ uncode_shortcode_id=\u00a0\u00bb999079″][vc_single_image media=\u00a0\u00bb75244″ media_width_use_pixel=\u00a0\u00bbyes\u00a0\u00bb alignment=\u00a0\u00bbcenter\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb894630″ media_width_pixel=\u00a0\u00bb115″][\/vc_column_inner][vc_column_inner column_width_percent=\u00a0\u00bb100″ gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″ shift_x=\u00a0\u00bb0″ shift_y=\u00a0\u00bb0″ shift_y_down=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_width=\u00a0\u00bb6″ mobile_width=\u00a0\u00bb0″ width=\u00a0\u00bb5\/6″ uncode_shortcode_id=\u00a0\u00bb162468″][vc_custom_heading text_color=\u00a0\u00bbcolor-531944″ heading_semantic=\u00a0\u00bbh3″ text_size=\u00a0\u00bbh3″ text_weight=\u00a0\u00bb200″ uncode_shortcode_id=\u00a0\u00bb423324″ text_color_type=\u00a0\u00bbuncode-palette\u00a0\u00bb]WHAT ARE THE LEGAL ASPECTS OF SWITCHING LENDERS?[\/vc_custom_heading][vc_column_text uncode_shortcode_id=\u00a0\u00bb105020″]Most people are unaware of the legal effect of switching lenders. When you renew a mortgage you are essentially starting the process again ie. discharging the existing mortgage, taking out a new one, and beginning the whole payment process over, albeit at a lower principal amount. As such, you should treat this as just as important a process as the first time you arranged the mortgage. Remember your situation will most likely have changed since then, and you may require a different product with different terms attached to suit your situation.<\/p>\n

In most Provinces a switch of the current or lower balance requires only a simple assignment of interest in the mortgage to be executed by all parties and registered on title. This assignment also attaches the specific terms that will have legal effect, and replaces those of the transferring institution. So even though the old mortgage is still registered on title, all those old terms and conditions registered by your previous lender will be completely replaced by those of your new lender under the assignment of interest.<\/p>\n

Moreover, the form that you are holding in your hand from the lender who did your previous mortgage financing, has a rate that probably is not as competitive as it could be. Don\u2019t let the hassle from the first time you negotiated dictate you just signing the form and sending it back to the lender \u2014 it will probably cost you in the form of higher rates.<\/p>\n

The lenders count on 70% of mortgagees just signing the renewal form and mailing it in \u2014 they are not forcing you \u2014 but they are preying on human nature to embrace convenience. However, let us\u00a0 do the work for you \u2014 the same convenience, at a much lower cost to you and a product and terms that will suit your current situation. The fact is that it is likely another lender will give you what you want at a rate you want \u2014 and there are no legal implications to you switching.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row row_height_percent=\u00a0\u00bb0″ override_padding=\u00a0\u00bbyes\u00a0\u00bb h_padding=\u00a0\u00bb2″ top_padding=\u00a0\u00bb3″ bottom_padding=\u00a0\u00bb3″ back_image=\u00a0\u00bb75251″ overlay_alpha=\u00a0\u00bb50″ gutter_size=\u00a0\u00bb3″ column_width_percent=\u00a0\u00bb100″ shift_y=\u00a0\u00bb0″ z_index=\u00a0\u00bb0″ medium_visibility=\u00a0\u00bbyes\u00a0\u00bb mobile_visibility=\u00a0\u00bbyes\u00a0\u00bb uncode_shortcode_id=\u00a0\u00bb189328″ el_class=\u00a0\u00bbbuying-home-first-section\u00a0\u00bb][vc_column column_width_percent=\u00a0\u00bb60″ position_horizontal=\u00a0\u00bbleft\u00a0\u00bb gutter_size=\u00a0\u00bb3″ overlay_alpha=\u00a0\u00bb50″\u2026<\/p>\n","protected":false},"author":23,"featured_media":75254,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"class_list":["post-73748","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nRenouvellements - 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