You don’t have to wait to make a mortgage transfer, but it may not be advantageous to rush this process. There are fees associated with breaking your contract with a current lender or bank. This is called a “prepayment penalty.” If you wait until your term comes up for renewal, you can avoid paying the penalty. However, ‘regular’ transfer fees will still apply (with the same possibility of terms noted above). Now, sometimes, paying a mortgage prepayment penalty is still worth it to get a lower rate. That is, if you’re looking to save money over the long-term. It may also lower your monthly payments. Remember: all lenders are in this to make money off of your interest accruals. Any deal you get has to benefit them in some way. If they put up hundreds of thousands to pay for your home, they’ll want to know they’ll have your business, and a guaranteed return, for several years. The renewal window is built in to give you the chance to shop around at reasonable intervals. This keeps the market competitive. That said, mortgage brokers are well-versed with the options that one can get with renewals and transfers. Using a trained professional can ensure you’re not miscalculating your fees, or missing out on better rates - whether or not you switch at renewal time, or in the middle of a term. Contact us today, if you think a mid-term mortgage switch is what you need. We can also advise on other options, which you may not yet be aware of. Please see more on our website.