Transfer your Mortgage
to another Lender
Without the Hassle
What is a Lender Transfer?
A mortgage lender transfer allows you to move your existing mortgage from one lender to another, typically to secure better terms, lower interest rates, or improved customer service, this can be done at renewal or during your current term.
Key Benefits:
- Lower monthly payments
- Reduced interest rates
- Better customer service
- Access to new mortgage products
Why Choose My Mortgage Medics?
-
Expert Negotiation:
We work with multiple Canadian lenders including major banks, credit unions, and alternative lenders -
No Upfront Fees:
We're paid by the lender, on a home purchase. -
Full-Service Support:
We handle all paperwork and communication with you and the Lender to completion -
Provincial Expertise:
Licensed in Alberta, BC and Saskatchewan with knowledge of regional programs
Why Choose My Mortgage Medics?
Financial
- Your current rate is above Bank of Canada prime rate trends
- You want to switch from variable to fixed rate (or vice versa)
- Need to access home equity (up to 80% LTV)
- Want to consolidate high-interest debt
- Considering longer or shorter amortization (up to 30 years)
Life Changes
- Income has increased significantly
- Credit score has improved (aim for 650+ for best rates)
- Planning major renovations
- Approaching mortgage renewal (great time to switch!)
Service Issues
- Poor customer service experience
- Limited online banking features
- Inflexible payment options
- High penalty fees
- Lack of mortgage products
Book A Free Consultation.
You should get the best mortgage possible! Request a free consultation and we’ll handle the rest.
Benefits of Working with Us
For First-Time Buyers:
- Compare rates from top lenders to secure competitive deals.
- Use advanced tools to identify the lowest rates quickly.
- Access tailored advice from experienced local brokers
- Explore special programs designed for first-time buyers
For All Homebuyers:
- Access competitive rates tailored to your unique financial goals.
- Refinance with ease to reduce monthly payments or shorten your term.
- Leverage home equity to fund renovations, education, or investments.
- Enjoy a stress-free experience with our step-by-step guidance.
Over 30+ Top-Rated Lending Partners
More Lenders, More Options, Better Rates
We have a pool of home loan options that allow us to find you the most ideal solutions. Our team of experts’ research and negotiate on your behalf to secure the best outcomes.
Ready to take
the next step?
Frequently asked questions
A lender transfer (or mortgage transfer) means moving your existing mortgage to a new lender without changing the loan amount. You might transfer to get better rates, improved customer service, different mortgage features, or because your current lender won't offer competitive renewal terms. It's different from refinancing because you're not accessing additional funds.
Yes, if you can find a lender offering significantly better rates than your current renewal offer, transferring can save thousands over your mortgage term. However, you'll need to qualify with the new lender and may face costs like legal fees and appraisal. We compare your renewal offer against market options to determine if transferring makes financial sense.
Transfer costs typically include legal fees ($1,200-2,000), appraisal ($300-500), title insurance, and potentially a discharge fee from your current lender. Some new lenders offer cash incentives or cover these costs to earn your business. We negotiate on your behalf and ensure the savings justify any costs involved.
Start the process 90-120 days before your renewal date. This gives you time to shop around, complete applications, get approvals, and handle legal paperwork without pressure. Your current lender will send a renewal offer 30 days before maturity, but starting earlier ensures you have alternatives and negotiating power.
Yes, insured mortgages can often be transferred more easily because the insurance stays with the mortgage. This reduces risk for the new lender and may result in better rate offers. The insurance protects the lender, making you a lower-risk client for the transfer.
If your current lender matches or beats the competing offer, you can stay put and avoid transfer costs. However, consider the total package - not just rate but also features, penalties, customer service, and future flexibility. Sometimes the savings from transferring go beyond just the interest rate.
