SWITCHING YOUR MORTGAGE TO NORTHERN
If your mortgage is up for renewal and you’re considering moving it to Northern because of our competitive rates, we’ve got good news for you. For a limited time, we’ll cover up to $1,250 of your mortgage transfer fees to make switching as smooth and affordable as possible.* To take advantage of this special offer, Just book an appointment with a Northern Mortgage Expert online.
WHAT DO I NEED IN ORDER TO SWITCH MY MORTGAGE?
- Identification-valid government photo ID
- Verification of Income (ex: recent paystub, T4, NOA, etc.)
- Proof of Fire Insurance on property
- Copy of current mortgage statement at other Financial Institution
- Proof of property taxes-Up to Date
- Statements of any debt you would like to consolidate in your mortgage
FREQUENTLY ASKED QUESTIONS:
WHAT IS THE MAXIMUM AMORTIZATION NORTHERN OFFERS?
30-year amortization for conventional mortgages.
DOES NORTHERN COVER ANY PENALTIES ON THE MORTGAGE THAT MAY BE INCURRED BY THE OTHER FINANCIAL INSTITUTION?
Northern will cover up to $1,250* of any fees incurred for transferring your mortgage. You may use this towards any penalties charged by your current FI.
WHAT DOES THE $1,250 COVER?
- Can cover the appraisal cost (appraisal costs can vary depending on type of appraisal, and location of property)
- Administration fee
- Discharge fee
DOES AN APPRAISAL HAVE TO BE DONE ON THE PROPERTY?
Yes, an appraisal is required on the property to determine the current value of the home. The type of appraisal varies depending on the property and its location.
WHAT IS THE MAXIMUM LOAN TO VALUE?
For a conventional mortgage we can lend up to 80% loan to value.
CAN I APPLY REMOTELY?
At Northern we offer the ability to apply online and sign all documents electronically for your convenience.
HOW LONG DOES IT TAKE TO TRANSFER MY MORTGAGE TO NORTHERN?
The timeline varies depending on each application, however at Northern we strive to provide the quickest and easiest experience to our members.
IF I DO NOT NEED TO ADD ADDITIONAL FUNDS TO MY EXISTING MORTGAGE, CAN I JUST TRANSFER THE CURRENT AMOUNT OUTSTANDING?
Yes, we offer the option of a direct transfer in solution to our members.
* Terms & condition apply.