Mortgage Renewal Information - Costs

Are there any costs involved in the transfer of a mortgage?

This is an important question to ask. If the cost to transfer the mortgage was greater than the savings you would receive from a lower rate at another lender, there would be no reason to transfer. There is no cost to the mortgagor charged by the new lender or by REALMORTGAGE Services. There are no legal costs because the old mortgage is simply transferred over and amended with an amending agreement. If an appraisal is necessary the new lender pays for it. Please remember that the above applies for straight mortgage transfers. If you are interested in refinancing your property, taking equity out, there is a legal charge to redraw the mortgage documents. When you transfer a mortgage everything must stay the same. The balance is transferred straight over, and the remaining amortization stays the same.