| Switcher
A "switch" is the simple transfer of a mortgage in the same or lesser amount of the current principal to a different lender. The mortgage must not be "closed" or restricted in any way from being transferred. Changing lenders to achieve specific financial goals has become very cheap and convenient for borrowers in the past 5 years. Most mortgage lenders now offer "no cost or low cost switches" as a matter of course, and the game is to minimize their switch-outs while maximizing their switch-ins. Once the borrowers have made up their minds to switch out, most institutions co-operate fully...they know they'll need reciprocal co-operation if a different borrower switches in from the same competitor next month! In this section we
look at the following topics:
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