Switching TD collteral mortgage to Credit Union?
My current mortgage is with TD as a collateral mortgage. It is up for renewal in a few months. I was at a local credit union today opening a high interest savings account, and asked about their mortgages. Their rates are slightly better than TD's and they offer conventional and collateral mortgages (both with the same rates) so the choice is up to the client. I also asked about whether they will pay any fees associated with switch my mortgage to them, and they said they will pay up to $800, which I think would cover most, if not all of the costs of getting out of the TD collateral mortgage. They said they deal with an in house title company that specializes in these types of things (i.e. titles and collateral mortgages).
I'm thinking it is a no-brainer to go with the credit union when I'm up for renewal in a few months. Any downsides you can see?
I'm thinking it is a no-brainer to go with the credit union when I'm up for renewal in a few months. Any downsides you can see?