A Renewal is when you are close to the end of your current term and you get a letter or a phone call from your current lender, stating what you have left owing on your mortgage and what they are willing to offer you to sign back up with them. However, sometimes what they are offering may not be the best option for you. That’s where the Transfer comes in!
Unlike a Refinance or Renewal, a Transfer is when everything on your Mortgage stays the same but you switch lenders. There may be another lender out there that offers a better rate or a product that is right for you at that time in your life. Maybe the new lender has better options to pay down your mortgage, they offer a lower interest rate or maybe you just like the name of the lender more.
Whatever your preferences, we are here to help find what’s best for you!