Selecting a mortgage lender stands out as one of your life’s most important financial choices.

However, as you move through the varied stages of homeownership, your ideal mortgage lender may no longer align with your evolving values, circumstances, and requirements. 

Transitioning to a new mortgage provider could potentially trim costs, garner superior service, and supply products better suited to your present financial landscape. Still, how do you go about figuring out when it’s the opportune time to make a switch?

In this article, we’ve got you covered with five signs that may suggest changing your mortgage lender may be in your best interest.

1. High interest rates

Interest rates undulate over time, and it’s possible your rate is no longer competitive. Should you find yourself saddled with an interest rate that’s markedly exceeding current market rates, it may be time to consider switching lenders. 

Refinancing with a new lender could lessen your monthly installments and save you a considerable sum of money over your mortgage’s lifespan.

2. Poor service experience

Excellent customer service is non-negotiable when it comes to any financial service. If you’re perpetually running into issues, such as unanswered calls, sluggish responses, or errors in your account, it reflects a poor quality of service. 

A lender that values its clients and provides a high level of customer service can take your mortgage experience to the next level. Don’t settle for less when there are providers eager to offer the attentive service you deserve.

3. Change in financial situation

Money matters change over time. A new job, a pay raise or drop, even retiring—all can shift your finances. If your mortgage lender can’t adapt to your altered cash flow, then you should consider switching.

Do you need a flexible repayment schedule, or want to access home equity? A new lender may offer solutions better suited to your evolving situation.

4. Limited mortgage products

Some lenders provide few mortgage options. The loan type you initially secured may have worked once upon a time, but now fails to meet your current requirements. 

Exploring alternative lenders exposes you to a diverse range of products, such as fixed-rate, flexible-rate, and home equity lines, which can empower you to select what best serves your current priorities.

5. High fees and penalties

Excessive fees and penalties are red flags, signalling a mortgage lender change may benefit you.

If your current provider charges exorbitant sums for services, or has severe prepayment penalties, then substantial savings could be realized by moving to a lender with more reasonable rates and terms.

Making the Right Move With Northwood Mortgage

If you’re contemplating a mortgage lender switch, then Northwood Mortgage is ready to assist you. 

Our dedicated team of mortgage professionals will collaborate with you, identifying the optimal mortgage solutions that are best tailored to your current needs and future aspirations. 

Begin a new mortgage path that fits your dreams and financial health. Connect with us at Northwood Mortgage for a no-strings-attache consultation and see how advantageous changing lenders can be. You can call us at 416-969-8130, or contact us online.