Compare total cost, not only rate
A lower rate can be attractive, but processing fees, legal or technical costs, mortgage expenses and the remaining tenure can change the economics.
Look at remaining tenure
If little tenure remains, the interest saving may be too small to justify switching. A simple amortization comparison can help.
Check reset and benchmark terms
Understand whether the rate is fixed or floating, how it is benchmarked and how future resets work.
Top-up can change the decision
An eligible top-up may make a transfer useful even when pure rate savings are modest, but the additional borrowing should still fit repayment capacity.
Plan the takeover documents
Outstanding statements, foreclosure details, title/original-document lists and repayment track can be required during a takeover.
FAQ
The takeover follows lender-specific closure and disbursal instructions. Do not assume closure until the existing lender confirms it.