A mortgage switch, or a transfer mortgage, involves moving your current mortgage from one lender to another. While all the terms of your mortgage are reset when you refinance, with a mortgage switch, the only things that change are your term and to a lower interest rate. This is ideal for when you want to take advantage of lower interest rates in the market (or are just not happy with your current lender) but are not interested in changing any other terms of your mortgage. The great news there is no cost to you, you can completely avoid any cost associated to your switch at the end of your mortgage term. The new lender will cover all the cost of legal fees. It's that easy!