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Call Citadel Mortgages Now To Get Approved Today!

Switch Your Mortgage | Save Money and Secure Better Terms with Citadel Mortgages

Find the Best Mortgage Rates in Canada

Today’s Mortgage Rates updated as of January 5, 2025 10:08 am

For a property located in

5-year fixed*

4.04

5-year Variable*

4.25

(Prime -1.15%)

*Insured loans. Other conditions apply. Rate in effect as of today.

Our Awards Since 2018

Citadel Mortgages Awards 2024 - Best Mortgage Brokers Canada - Citadel Mortgages - Private Mortgage Rates - Private Mortgage Lenders - Private Mortgage Calculator - Second Mortgage Calculator - Second Mortgage

Featured On

Why Switch Your Mortgage?

Switching your mortgage can be a strategic move to reduce your interest rate, access better terms, or secure a lender more aligned with your financial goals. At Citadel Mortgages, we make the process seamless, ensuring you save time and money while maximizing the benefits of switching.

Whether you’re refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.

This guide focuses on helping you navigate the Canadian mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.

Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.

For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).

Why Choose a 1-Year Fixed Mortgage Rate?

What Does It Mean to Switch a Mortgage?

Switching your mortgage involves transferring your existing mortgage from one lender to another to take advantage of better rates, terms, or services. It’s an opportunity to optimize your finances, particularly when your mortgage term is up for renewal or your current lender no longer meets your needs.


Benefits of Switching Your Mortgage

  1. Lower Interest Rates

    • Secure a more competitive rate and save thousands over the life of your mortgage.
  2. Improved Terms

    • Access better repayment options, prepayment privileges, or lower fees.
  3. Debt Consolidation

    • Combine high-interest debts into one manageable payment with lower interest rates.
  4. Enhanced Customer Service

    • Work with a lender or broker that better understands your needs.

 

Learn more about today’s best mortgage rates in Canada.

Current Mortgage Rates for Switches

Compare Citadel Mortgages’ best mortgage rates with other lenders by selecting a term or mortgage product  from the dropdown menu below and then hit the check rate new button.

How the Mortgage Switch Process Works

 

  1. Review Your Current Mortgage

    • Understand your current terms, including penalties for breaking the mortgage early.
  2. Shop for Better Rates

    • Citadel Mortgages compares rates and terms from Canada’s top lenders to find the best match for you.
  3. Submit Your Application

    • Provide the necessary documentation to start the process with your new lender.
  4. Close the Switch

    • Once approved, the new lender pays out your existing mortgage, and your new terms take effect.

Eligibility Requirements for Switching Your Mortgage

To qualify for a mortgage switch, you’ll typically need:

  1. Good Credit Score

    • A credit score of 650 or higher is recommended for the best rates.
  2. Remaining Mortgage Term

    • Your remaining term should align with the new lender’s offerings.
  3. Equity in Your Home

    • Having at least 20% equity can help secure better rates and terms.
  4. Employment Verification

    • Provide recent pay stubs or tax returns to verify your income.

Read about how fixed and variable rates compare on the Government of Canada website.

Discover the average savings of current Citadel Mortgage clients when they choose Citadel Mortgages over the top banks!

While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.

$300,000
Mortgage Loan

$12,414

(5-years interest savings with Citadel Mortgages)**

$232/month

(Interest savings with Citadel Mortgages)

$500,000
Mortgage Loan

$17,090

(5-years interest savings with Citadel Mortgages)**

$290/month

(Interest savings with Citadel Mortgages)

Cost of Switching Your Mortgage

 

ExpenseEstimated Cost
Appraisal Fee$300 – $500
Legal Fees$1,000 – $2,000
Discharge Fee$200 – $400 (varies by lender)
Mortgage Penalty3 months’ interest or IRD*
Transfer FeeMay be covered by the new lender

*IRD: Interest Rate Differential, based on the difference between your original rate and current market rates.


Advantages of Switching Your Mortgage with Citadel Mortgages

      1. Access to Top Lenders

        • We partner with Canada’s leading banks, credit unions, and private lenders to offer competitive rates.
      2. Seamless Process

        • Our mortgage specialists handle the paperwork, ensuring a stress-free experience.
      3. Customized Advice

        • We analyze your financial goals to match you with the best mortgage product.
      4. Exclusive Promotions

        • Access limited-time offers like cashback or reduced transfer fees.

 

We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!

Find more tips on mortgage approval from the FCAC.

FAQs About Mortgage Switching

When is the best time to switch a mortgage?

The ideal time is near the end of your mortgage term to avoid prepayment penalties.

Yes, but your options may be limited. Citadel Mortgages works with alternative lenders to help borrowers with bad credit.

Some lenders offer promotions to cover costs like appraisal and legal fees.

The process typically takes 2-4 weeks, depending on the complexity of your application.

Use Our Mortgage Calculator Today!

Understanding Your Mortgage Options

 

Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.

 

Benefits of Using Our Mortgage Calculator

  • Accurate Estimates: Get precise calculations on your potential second mortgage amount based on your home’s equity, current mortgage balance, and other financial factors.
  • Financial Planning: Understand your monthly payment obligations and how they fit into your overall budget.
  • Interest Rate Comparison: Compare different interest rates to see how they affect your monthly payments and total loan cost.
  • Loan Scenarios: Explore various loan scenarios to determine the best option for your financial needs.

 

 

Final Thoughts - of Switching Your Mortgage with Citadel Mortgages

Switching your mortgage can lead to significant savings and better financial flexibility. At Citadel Mortgages, we make the process easy by handling the complexities and connecting you with the best lenders in Canada.

Understanding the differences between short-term and long-term mortgage options is key to making an informed decision. By evaluating your financial situation, goals, and market conditions, you can select a mortgage product that aligns with your needs.

At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.

Contact Citadel Mortgages today for expert advice.