Transferring to Another Lender (Switching Providers)
When your mortgage term comes up for renewal, you have several decisions to make – one of the most important is whether you want to stay with your current lender, or transferring to another lender. Just because you’ve received a renewal offer from your current lender, doesn’t mean you can’t get a mortgage rate elsewhere.
Reasons Why you may Want to Switch your Mortgage
- To obtain a lower mortgage rate: If another lender can offer you a lower mortgage rate than what your current mortgage provider has. Switching would save you from having to pay thousands of dollars in interest charges.
- To get better terms and conditions: If another lender can offer you better terms and conditions- it may be worth switching your mortgage over. One of the most important terms and conditions to look at is your payment options.
How do you Switch Your Mortgage?
The first step to switching providers is to find a lender who can offer you a better mortgage rate and/or terms and conditions. You can either do your own research by calling each lender and getting their rates but you wont get their pre-payment conditions (what it would cost you if because of an emergency you need to break your mortgage. Alternatively you can contact a Sunlite Mortgage broker who will guide you through the entire process.
Once you’ve found a new lender with an offer you want to accept; you’ll need to submit a formal mortgage application. You’ll need to provide the following documents with your application:
- A copy of your mortgage renewal letter from your current lender.
- Proof you own your home, through something like a property tax bill.
- Confirmation of income, through a pay stub or letter from your employer.
- Proof of property insurance.
Our Sunlite Mortgage agents will walk you through the choices available; and help you identify the most suitable mortgage product to your current situation. All while looking at your short to long term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to contact our many lenders on your behalf to get you the best mortgage rate and options for you.