Things to remember when you switch institutions

• A penalty may apply if you wish to switch institutions before the end of your mortgage term.
  
  
• You may have to pay legal fees to discharge the old mortgage and register the new mortgage.
  
  
• Other administration fees may also apply.
  
  
• Don't hesitate to ask the lending institution whether it is willing to pay part or all of these fees.
  
  
• If not, ask yourself if the savings of going to a new institution are greater than the cost of switching.
  
  
• Your new prepayment privileges will not be based on the original amount of your mortgage, but on the amount of the mortgage balance transferred to the other financial institution.