FAQs

Are there always penalties when I switch my mortgage to another lender?

In many cases, you can switch your mortgage to another lender without any penalties. If you have an open mortgage, for example, you will not have any additional penalties when you switch your lender before the end of your loan term. If you switch your lender during the renewal period, you will not have any penalties even if you have a closed mortgage. Basically, you will only pay a penalty if you have a closed mortgage and want to pay it off and switch to a new loan before the end of your term.