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Switch Mortgages

This occurs when you move your mortgage from one lender to another. The amortization period, applicants and mortgage amount stays the same. You’ll have to provide a form B (which you should have received along with your legal documents when you got your mortgage) and a recent mortgage statement from your current lender. You’ll also need to fill out a mortgage application.

 

 

You can also re-finance and switch your mortgage at the same time, usually without fees or payout penalties. You may be able you to refinance to the original mortgage amount while other lenders 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 pay fees similar to those of registering a new mortgage. If you want to switch and increase your mortgage amount or lengthen the amortization period, you will have to re-register the mortgage and pay legal and appraisal fees, etc.

 


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