03 Jan 2022

How Much Does It Cost to Switch Mortgage Provider?

The road to homeownership is no longer a straight line. Sometimes individuals take less than favourable mortgages just for the sake of getting their foot in the homeownership door. Once they establish a positive repayment history or their financial situation improves, homeowners can move into better loan terms.

One way to accomplish this is through refinancing your home loan. When you refinance your mortgage, you can switch mortgage providers too. If you opt to switch to Mortgage House, we offer an online switching option.

Refinancing a mortgage does incur some costs. The most prominent is the break costs fees for those who have a fixed-rate home loan. If you have a variable rate loan, you incur mortgage discharge fees.

Additional fees you’ll incur include a new application fee, document preparation, title search, and settlement. In total, you’re looking at $1,900 on average (cashback and switching offers will assist).

Even though refinancing to switch mortgage providers incurs fees, sometimes it’s worth it. For example, if you want to switch providers and obtain a lower interest rate, the savings often cover the fees.

Our loan specialists walk through the details with homeowners interested in becoming Mortgage House clients. When you switch your mortgage to our non-bank lending institution you receive access to additional products.

Online Switching and Changing Mortgage Providers Conclusion

Homeowners interested in switching mortgage providers can contact Mortgage House. We offer online switching. You can also speak with our loan specialists. In both cases, we walk you through the costs and the steps. Contact our team today.

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