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As per my last posting, I am still looking into the 5.09% 5 year closed fixed mortgage offered to my colleague.  I am extremely interested in that rate because the offer I received today from FirstLine mortgages was 5.89%  On a $300,000 mortgage we’re talking $2,400 per year!

The information I got from this broker is that there is no charge if the mortage is changed (AKA you take out more money with another lender) but there is a $300 charge if the mortgage is simply transferred.  I asked about the reason for this charge and she said that if the mortgage is simply transfered, they need to have their lawyer do work on it – thus $300.  Sounds reasonable if I could save the $2,400!

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