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Moving my mortgage

The renewal period is a good time to review your financial goals, insurance coverage requirements, and mortgage options.

Things to consider before you switch your mortgage

  1. Are you going to be charged any fees?
    Depending on how soon your term matures, you may be charged legal fees, interest penalties, land registration fees, and discharge fees for breaking your contract (we recommend you contact your financial institution for an overview). That’s why it’s often more beneficial to move your mortgage closer to the end of your term.

  2. Have your financial circumstances changed?
    If you have experienced any changes such as your annual income, debt load, or property value, you may not qualify for the same mortgage conditions as your original term. Be upfront with your lending specialist about these factors so they can better help you explore your options.

  3.  Do you have insurance coverage through your financial institution?
    If your financial institution is providing your mortgage insurance, you will also need to switch it over. Your lending specialist can help you explore your insurance options to make sure you continue to receive the coverage you need.

Ready to move your mortgage? Here’s what we’ll need from you

  1. A copy of your current mortgage statement
  2. Proof of your property value (depending on your mortgage, this may include a property tax assessment, opinion of value, or mortgage appraisal)
  3. A statement that includes your account number and product type

Why switch to SCU?

Enjoy flexible mortgage solutions

Choose between variable and fixed mortgage rates, depending on your financial needs.

Save on interest costs

You have the ability to pay your mortgage off early with our prepayment privileges, which allow you to pay an additional 20% of your original mortgage amount each year.

Receive expert financial advice

When you talk with an SCU lending specialist, we will work with you to discover the best options that save you money and help you achieve your goals.

Tips & tools

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The home buyer’s journey

What exactly can you expect from the home buying process? Here’s a step-by-step guide to receiving your financing at SCU.
Read our home buyer’s guide
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Considering refinancing?

Discover what it means to refinance your home, and how refinancing can help you achieve your financial goals.
Learn about refinancing
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Crunch the numbers

Use our mortgage calculators to help you plan how much you can afford to spend on a home, your monthly payment schedule, and how much you’ll need for your down payment.
Explore our mortgage calculators

Insights & Advice


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Get advice

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