Switch Mortgage and Renewals
Is your mortgage up for renewal, or are you looking to switch lenders? If you are in a high-rate mortgage, your application for renewal has been turned away, or you want to look at your options, we can help!
Turnedaway.ca will help you navigate the minefield of mortgage renewals and switches like we’ve been helping our Canadian clients for more than 30 years. By having a dedicated mortgage broker review your current situation, we can help you find the best mortgage rate available.
Regardless of your circumstance or reasons for being turned away, make us your first choice when switching or renewing your mortgage.
How Does Switching Mortgages Work?
If you’re looking to secure a low-cost mortgage switch, the first step is researching different providers. If this seems overwhelming, consult a professional mortgage broker who will provide expert advice.
Switching lenders is a lot easier when you are working with an experienced mortgage broker. At Turnedaway.ca we make submitting a formal switch mortgage application easy. Our online application takes just a few minutes and is very user friendly.
Because your new lender may use different qualifying criteria than your existing lender did, you’ll need to provide some documents with your application, to get started which include:
A copy of your mortgage renewal document from your current lender or last piece of correspondence from them
Proof that you own your home (a property tax bill, can help establish this)
Proof of property insurance
How To Switch Mortgage Providers In Canada
Can I switch mortgage lenders? Yes, you can! Here’s the process of how to switch a mortgage lender:
Look for a Lender that Offers Better Rates
It’s essential to browse and compare interest rates. Whether you request quotes from each lender separately or enlist a knowledgeable mortgage broker for guidance, finding an option with improved interest rates and repayment flexibility than your current lender is critical.
Submit a Formal Mortgage Application
Once you secure the optimal mortgage application switch deal, your requirements must pass a credit check before negotiations begin. This process is necessary to guarantee that you’re financially responsible enough for approval. With this step completed, rest assured that your ideal loan agreement will be within reach.
Get a Payout Statement from Current Lender
You must get a payout statement from your current lender. This document should detail how much of the loan remains outstanding as of your renewal date and any other pertinent info concerning the loan. Your new lender will need this information to process the switch successfully.
Overall Cost Comparison
To wrap up this process, you must address the cost of switching mortgage lenders, including legal fees and everything associated with transferring your mortgage to another lender. You’ll need to reimburse any unpaid charges on your loan at a new lender before they settle with your existing one and issue a new mortgage.
From comparing rates to submitting a formal application, obtaining a payout statement from your current lender, and addressing any outstanding fees, we’ve got you covered.
Take control of your mortgage and apply with TurnedAway.ca today. We’ll guide you through every step of the way and ensure you get the best deal possible. Apply now, and let’s make your mortgage switch happen!
Requirements When Switching Lenders
To ensure the mortgage switch application process is successful, be ready to present the necessary documentation when applying for your new loan with the lender. To get the ball rolling, you will need:
A recent mortgage statement/renewal agreement
The most recent property tax bill
Proper Valid Government ID
At turnedaway.ca we offer more flexibility than the banks. We work with the documents you do have, not the ones you don’t. We also work with lenders who understand that not everyone has traditional income or perfect credit.
The process can be complex and time-consuming, but with the help of an expert broker from turnedaway.ca, you can navigate it easily. We can guide you through the process and ensure you have all the necessary documents to secure a new mortgage agreement.
Don’t go through it alone! Contact us today and let us help you find the best mortgage solution. Apply with Turnedaway.ca now and take the first step towards a better mortgage!
Reasons For A Mortgage Switch
Switching mortgage providers make sense if you find yourself in the following scenarios:
To Get A Lower Mortgage Rate
You could save on interest charges if you switch your mortgage provider to a lower rate-lender. Take advantage of this opportunity to ensure you’re getting the best deal possible.
To Acquire Better Mortgage Terms and Conditions
If you come across a lender that can give you better terms and conditions than your current one, it might be time to switch. When considering the new deal, remember to look at their prepayment options, as this is likely one of the main points in any mortgage agreement.
Switching mortgage providers is the best choice if you’re looking to save on interest charges or acquire better mortgage terms and conditions.
Let our expert brokers at Turnedaway.ca help you find the best deal possible with better mortgage rates and favourable terms. Act now towards a brighter financial future. Apply with us today!
With the help of Turnedaway.ca, you can
Renew At An Incredible Rate Today!
As one of the best mortgage brokers in Canada, we can establish a suitable renewal plan to get the best loan rate possible.
What Should You Do if Your Mortgage Renewal is Declined?
Failure to pay on time or request extensions may result in a denied mortgage renewal. A bad credit record may also stand in your way, but that’s where an expert mortgage brokerage comes into play.
As an approved Ontario broker, Turnedaway.ca provides access to a large selection of loan providers who accept applications even from borrowers with low credit scores!
Don’t let a denied mortgage renewal stand in the way of keeping your home. Trust us to help you secure the best rate and an affordable solution for renewing your loan. Don’t wait—apply with Turnedaway.ca today!
Why Renew Your Mortgage with Turnedaway.ca?
For over 30 years, Turnedaway.ca has provided mortgage assistance for Canadians to improve their financial circumstances. Banks may decline to renew mortgages, but we’re always ready to lend a hand.
At Turnedaway.ca, we work hard to find the perfect mortgage solutions for our clients so they can get back on track financially. Our only goal is to secure a financing option that meets both your present needs and future aspirations. Our loyalty lies solely with YOU, not any financial institution.
Don’t become a casualty of higher rates and foreclosures; get in touch with us today!