Transfer

A mortgage transfer refers to the process of transferring the ownership of a mortgage loan from one lender to another. This generally occurs when a borrower switches to a new lender for a better interest rate or loan terms. During a mortgage transfer, the new lender assumes the rights and responsibilities of collecting payments and ensuring that the borrower adheres to the terms of the loan agreement. Typically, the new lender will cover any appraisal and notarial costs.

One of the biggest mistakes I see borrowers make is to not try to renegotiate their mortgage at renewal. Most borrowers are offered mediocre rates at renewal. Why? Because your financial institution is counting on the fact that you will take the path of least resistance, and not negotiate. If you allow me to negotiate better terms for you, it can save you thousands of dollars, and it’s free.