Key takeaways
- No penalty at maturity; mid-term switches cost a penalty.
- A straight switch moves the same balance and amortization.
- Uninsured straight switches skip the stress test at federally regulated lenders.
Can I switch lenders without a penalty?
Yes, at maturity. Before then, you pay three months' interest or the IRD.
What does it cost to transfer a mortgage?
| Cost | Typical |
|---|---|
| Discharge/assignment fee | $200–$400 |
| Legal/title | $0–$1,000 (often covered) |
| Appraisal | $0–$500 |
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What is a straight switch?
Moving your existing balance and remaining amortization to a new lender without borrowing more.
Porting vs switching
Porting moves your mortgage to a new home with the same lender. Switching moves it to a different lender on the same home.
Frequently asked questions
How long does a mortgage switch take?
About two to four weeks.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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