Can your current mortgage lender affect whether you can make a switch? In my case, it did

A surprising thing happened when I went to renew my mortgage for a better rate with a big bank last month: they refused to take me because my mortgage was originally signed with an upstart provider.

With my renewal coming up rapidly, I had no choice but to stick with QuestMortgage. It wasn’t the worst thing in the world – their rates were still pretty solid. “When a new lender transfers in a mortgage, the terms of that existing mortgage are assigned to them. The new lender therefore needs to be comfortable with the old lender’s terms,” said Mr. McLister, who said Scotiabank may have not liked the terms of my agreement with QuestMortgage.

“Some of the super-small credit unions, the policies of those organizations are almost whimsical,” Mr. Butler said, adding that there is far less expertise involved in drafting the mortgage terms.

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