There are absolutely no costs to transfer your mortgage from one Banking Institution to another. No appraisal fees, no legal work and no penalties.

Yet still, mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners stay with their existing mortgage lender because they believe it is too time consuming to shop around for a better rate. Or, they may think the offer from their existing bank is the best deal available. This is not true.

Experience shows that most banks offer renewing clients a discount of .25% off posted rates; as well, negotiating a rate discount with the branch can often be a timely process and will often not lead to the best rate.

If the client does manage to negotiate a better rate, it’s usually a maximum ceiling discount of 1%. This is the maximum the branch allows a mortgage representative to discount any mortgage product. Some special cases are given for clients who have many investments held within the bank.  For the most part, however, there are no exceptions made.