Transfers (also referred to as “Switches”) are ideal for those clients who are looking only to acquire a better rate.
A transfer can only be processed on a property that isn’t securing a running account (ie. line of credit or a mortgage that is registered as a running account). The remaining amortization and mortgage balance amount can not be increased. The benefit of a Transfer when compared to a Refinance is that the client is not required to pay legal fees or the costs to re-register the mortgage with the Land Title office.