Mortgage switch - exact steps and process
Hi there,
I am looking for guidance regarding switching lenders - before my current term is up. My plan is to also request this from my broker and research online / learn from fellow RFDers.
1. There's a specific date when the switch happens. How do I determine the precise outstanding principal on that date? I believe asking the current lender is the best option? Should that amount be the requested amount with the new lender?
2. For my situation, its a early termination and so there's a penalty involved. I have been told that this can be added to the new mortgage amount or can be paid directly to the current lender. Is that correct?
3. It's a switch and not a refinance. Do I need to have a lawyer or notary involved? Neither mortgages are collateral charges if that matters
4. Should I be requesting a mortgage payout statement from the current lender? Looks like that may be required based on my Google searches so far
5. I am in BC if there are any province specific rules
Is there anything else to watch out for?
Thank you
I am looking for guidance regarding switching lenders - before my current term is up. My plan is to also request this from my broker and research online / learn from fellow RFDers.
1. There's a specific date when the switch happens. How do I determine the precise outstanding principal on that date? I believe asking the current lender is the best option? Should that amount be the requested amount with the new lender?
2. For my situation, its a early termination and so there's a penalty involved. I have been told that this can be added to the new mortgage amount or can be paid directly to the current lender. Is that correct?
3. It's a switch and not a refinance. Do I need to have a lawyer or notary involved? Neither mortgages are collateral charges if that matters
4. Should I be requesting a mortgage payout statement from the current lender? Looks like that may be required based on my Google searches so far
5. I am in BC if there are any province specific rules
Is there anything else to watch out for?
Thank you