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If you are considering switching or transferring your mortgage in Ontario, it's important to carefully consider your options and understand the potential risks and benefits of doing so.

Switching or transferring your mortgage involves taking out a new mortgage loan with a new lender to pay off your existing mortgage. This can be a good option if you are able to find a mortgage with better terms or a lower interest rate than your current mortgage. However, it's important to be aware that switching or transferring your mortgage may also come with costs, such as closing costs, legal fees, and a penalty for breaking your current mortgage contract early (known as a prepayment penalty).

Before switching or transferring your mortgage, it's a good idea to carefully compare the terms and conditions of your current mortgage with those of any potential new mortgage lenders. This will help you determine whether switching or transferring your mortgage is a good financial decision for your specific situation.

It may also be helpful to work with a mortgage broker or financial advisor who can help you understand your options and find the best mortgage solution for your needs.

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