Time to Switch Mortgage Lenders in Ottawa?
Don't simply sign that renewal letter. Switch lenders to lower your interest rate, access equity, or get better terms. We make the transfer seamless.
Smart, Strategic, Seamless Mortgage Switches
Many Ottawa homeowners stay with their current lender out of habit, even when rates are higher. Loyalty shouldn't cost you thousands.
By switching mortgage lenders, you can reset your amortization, consolidate high-interest debt, or simply secure a lower monthly payment. We handle the negotiations to get you the best deal on the market.
Start Your SwitchWhy Switch Lenders?
Common reasons Ottawa homeowners choose to move their mortgage to a new financial institution.
Bad Renewal Offer
Did your bank send a renewal letter with a rate that seems too high? Don't sign it. We can often beat their offer significantly.
Poor Customer Service
Tired of waiting on hold or being treated like a number? Switch to a lender or monoline institution that values your business.
Need to Refinance
Your current lender might say "no" to withdrawing equity. Switching allows you to move to a lender who supports your financial goals.
What Does it Mean to Switch Mortgage Lenders?
Switching mortgage lenders (also known as a transfer or assignment) involves moving your current mortgage balance from one financial institution to another at the end of your term or during the term to break a contract.
In Ottawa's competitive market, different lenders offer different perks. While big banks have name recognition, "monoline" lenders often offer lower rates and better penalty structures because they don't have the overhead of physical branches. When you switch, the new lender often covers the appraisal and legal fees involved in the transfer.
Our switching service is designed to:
- Compare rates from over 50+ lenders (Banks, Credit Unions, Trust Companies).
- Calculate if the penalty to break your mortgage is worth the interest savings.
- Consolidate credit cards or car loans into your new lower-rate mortgage.
- Consolidate credit cards or car loans into your new lower-rate mortgage.
- A 12-month interest-only term to give you breathing room.
Whether you are up for renewal or just want a better deal mid-term, our Ottawa mortgage switch experts do the math to ensure you come out ahead.
Benefits of Switching With Us
We do the heavy lifting so you can enjoy the savings.
⚡ Better Rates
We access wholesale rates that are often lower than what banks post publicly or offer in renewal letters.
🛡️ Cost Analysis
We provide a clear breakdown: "Here is what you pay to break the mortgage, and here is what you save."
🤝 Fee Coverage
Many of our lending partners will cover the legal and appraisal costs associated with switching your mortgage.
📉 Debt Consolidation
Use the switch to roll high-interest debt into your mortgage, lowering your total monthly payments significantly.
🗓️ Flexible Terms
Find a mortgage that fits your life, whether that's a 5-year variable, a 2-year fixed, or a HELOC addition.
🇨🇦 Ottawa Locals
We understand the Ottawa market values and maintain strong relationships with local appraisers and lawyers.
How the Switch Works
A simple 4-step process to better financing.
Application
Complete a quick application. We need your current mortgage statement to see your rate and balance.
Comparison
We shop the market for you, presenting the best rate options and calculating potential savings.
Approval
Once you select the new lender, we submit the file and secure your commitment letter rapidly.
Transfer
The new lender instructs a lawyer/FCT to pay out your old bank. You start saving on your next payment.
Eligibility for Switching
Switching is easy for most Ottawa homeowners.
- ✅ Must have an existing mortgage on an Ottawa property.
- ✅ Proof of income and credit check are typically required for best rates.
- ✅ If switching mid-term, we must calculate the penalty vs. savings.
- ✅ Available for standard switches or refinances (taking out equity).
Frequently Asked Questions
Common questions about changing mortgage providers.
Is there a penalty to switch mortgage lenders?
If you switch at the end of your term (renewal date), there is NO penalty. If you switch mid-term, there is a penalty, but the interest savings from a lower rate often outweigh the penalty cost. We calculate this for you upfront.
Does it cost money to switch?
For a standard "switch" (transferring the exact balance), the new lender usually covers the appraisal and legal fees. If you are "refinancing" (increasing the mortgage amount to take out cash), there are legal fees, which can be deducted from the proceeds.
Do I have to re-qualify?
Yes. Because you are moving to a new lender, they will check your credit and income. However, we have access to lenders with various qualification criteria, so don't worry if your situation has changed slightly.
Can I combine my debts when I switch?
Yes! This is called a "Refinance." You can switch lenders and increase your mortgage amount to pay off credit cards or lines of credit. This drastically reduces your monthly total payments.
How long does it take?
A standard switch takes about 2-3 weeks to process effectively. We recommend starting the conversation 3-4 months before your renewal date to lock in a rate early.
Will my bank match your rate?
Sometimes they try, but often only after you initiate a switch. However, monoline lenders frequently offer better contract terms (lower penalties) than big banks, making them a better long-term choice even if the rate is similar.
Do I need a lawyer?
The new lender will assign a legal service (like FCT or FNF) to handle the transfer. You usually don't need to find your own lawyer for a standard switch, and the lender often pays the fee.
Stop Overpaying Your Lender.
Let us shop the market for you. Switch to a better rate, better terms, and a mortgage that works for you.