Renew with your lender vs switch lenders
Compare a renewal offer against switching costs and another lender’s conditions.
The key difference
At renewal, you can consider your current lender’s offer alongside offers from other lenders. A switch may involve approval requirements and transfer costs. Ask who pays each cost before treating a lower quoted rate as a saving.
| Consideration | Renew with the current lender | Switch lenders |
|---|---|---|
| Information to collect | Written renewal offer and negotiable terms. | Written offer, qualification requirements, and transfer process. |
| Costs to compare | Rate, features, and any changes to the contract. | Rate plus discharge, registration, appraisal, and other applicable costs. |
Questions to take to the lender
- Will the new lender cover any transfer costs, and under what conditions?
- Does the mortgage registration affect the steps needed to switch?
Explore the published products
Sources and scope
General information for comparing options. Product terms and individual eligibility must be confirmed with the lender.
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