A Guide to Changing Your Mortgage Lender

If you currently have a mortgage with a bank, or with another lender that is either an alternative or private lender, and for whatever reason you want to check what your options are, then that is super easy.

Our website has many resources about the types of mortgages that we offer, as well as other related services. If you don’t want to spend the time to read through our extensive material, just reach out to us, either through our contact form, or by calling us, and we will set up a 15-minute no-obligation consultation.

We will review your current mortgage details, explain what options we have, and if those options might suit you better. You can decide if you want to stay with your current mortgage provider, or change lenders. No pressure, no sales tactics. If we think your current situation is better than what we offer, we will tell you that.

Reasons for Changing Lenders

Some of the reasons why anyone would consider changing lenders, are:

  • At the end of the mortgage term, the current lender has sent a renewal offer, and the rate might not be as competitive as the current rates offered in the marketplace.
  • The borrower has reached out to their lender requesting to change or increase the amount and the lender has declined their request. This is normally in a refinancing situation, where additional money needs to be pulled out of the equity to pay for other things, like reducing other debt with interest rates that are a lot higher, example credit card debt with interest rates ranging at 18% to almost 30%. Or use the refinancing proceeds to pay for things, like kids education, renovations, trips, etc.
  • Personal conflicts with the current lender, or many other reasons, the list is long.

The Next Step

Regardless of the reason, if you decide to change lenders, the process is super easy. You don’t even need to talk to us in advance, but it’s probably a good idea to have that free consultation. If you do, great, it might help you clarify anything about the process, and answer any questions that you might have. If you don’t contact us first, and we receive your application, we usually contact you once we receive the application, to verify all the information, and probably ask a few questions, and to update any information that was missing from the application form.

How to Apply?

The application process is simple. We have an online link on our website, located in the top right corner “APPLY HERE”, where you can submit your application at any time, day or night. The link allows you to set up your personal login. We use a secure portal, to protect your personal information. Once started, you don’t have to complete the whole application at once. It saves your progress, and you can come back to it later. As mentioned, once we receive your application, we verify everything, talk to you about your options, and if you decide to proceed, we then submit to the appropriate lender on your behalf.

Understanding the Jargon

The proper term for this change of lenders is “Switching” or “Transferring”, but we have found out that most people when talking to us about it, are simply referring to it as “Changing Lenders”.

Conclusion

While we do much more to facilitate this transfer, this explanation provides a simplified version of the process. To find out if this is the right fit for you, please contact us through this form, or alternatively you can call us at (519) 252-9665.