DLC BLOG
Mortgage Switches and Transfers
Mortgage switches and transfers are becoming one of the more popular sources of revenue for certain lenders which means great incentives for borrowers as the banks and financial institutions fight for your business.
When your mortgage is up for renewal, your lender will typically send you a letter either 6-months or 120 days before your mortgage matures. When it is up for renewal and matures, you will need to commit to a new term and commit to a new interest rate. Most of the time, the bank’s offer is in the letter they send, and you circle your choice and mail it back; simple and quick.