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Alex Jodoin Mortgages

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Switching lenders.

Same mortgage, better lender. The trick is doing it without restarting from zero.

If your renewal is around the corner and your current lender's offer is underwhelming, you don't have to take it. A straight switch moves your mortgage to a new lender at renewal, at no penalty, with the new lender often paying the legal fees. The mechanics matter, though — collateral charges, requalification, and timing can turn a clean switch into a headache if you skip steps.

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Who this is for

Probably you, if any of this is true.

  • You're at renewal and your current lender's offer isn't competitive.
  • You've heard a better rate elsewhere and want to know what's involved.
  • You took a mortgage with a smaller credit union or builder lender and want to move it.
  • Your current mortgage has features (or limits) you've outgrown.

My approach

How I work a switch.

  1. 01

    Time it at renewal.

    A switch made at renewal carries no penalty. Mid-term, you pay one, and the math has to clear that hurdle before a switch makes sense.

  2. 02

    Check what kind of charge you have.

    A collateral charge registered for more than your balance can complicate a switch (and sometimes require a refinance instead). Standard charges move more cleanly.

  3. 03

    Plan the legals.

    Most A-lenders cover the legal and discharge fees on a straight switch. I'll make sure that's part of the offer before we move.

  4. 04

    Requalify intelligently.

    A switch is still a new mortgage at a new lender, so you'll be stress-tested. Walk in with your documents ready, so the qualification doesn't slow you down.

Common questions

Common questions

  • What's the difference between a switch and a transfer?
    In practice, the words are used interchangeably. Technically a 'switch' moves the existing mortgage to a new lender on the same terms. A 'transfer' is more often used for a like-for-like move at renewal. Either way, the mechanics are similar.
  • Will I have to requalify?
    Yes. A switch is a new mortgage at a new lender, so you go through their underwriting — including the stress test. If your income or credit has changed since you originally qualified, that matters.
  • Does a switch cost anything?
    On a straight switch at renewal, most A-lenders cover the legal and discharge fees. If there's an appraisal, the new lender usually pays for it. The main cost is your time and a bit of paperwork.
  • How long does a switch take?
    Typically 30 to 45 days from a complete file to funding at the new lender. Starting two to three months before your renewal date is the right timeline.
  • Will switching hurt my credit score?
    A new mortgage means a hard credit pull, which dings your score a few points temporarily. Closing one mortgage and opening another can also affect average account age. The dip is small and short-lived.

Get in touch

Let's see if a switch is the right move.

Send your renewal date and your current rate and balance. I'll come back with a first read on whether moving makes sense.

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The form

Tell me a bit about what you're looking into.

I read every message and reply personally, usually within a business day. No pitch waiting on the other end.

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