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FCT for Mortgage Switches

by | June 18, 2025

As a licensed mortgage agent dedicated to delivering expert guidance and superior client experiences, I understand the importance of working with partners who value efficiency, accuracy, and client service as highly as I do. When it comes to handling mortgage switch transactions—especially those involving the complex world of collateral versus standard mortgage charges—FCT is my facilitator of choice.

Let me take a moment to introduce you to FCT, explain why their approach to mortgage switches is so valuable, and help you understand whether they may be the right fit for your mortgage needs.

What is a Mortgage Switch?

Why You Need a Mortgage Facilitator

Who Is FCT?

 Why Mortgage Clients Choose FCT

FCT Saves You Money

The Ideal Client for FCT

What Makes FCT Stand Out?

What is a Mortgage Switch?

A switch (also called a transfer) means you’re moving your mortgage from Lender A to Lender B, but the principal amount remains the same—dollar-for-dollar. You’re not refinancing for more money or making structural changes to the loan; you’re simply replacing one lender with another.

While this might sound simple, switching involves several legal and administrative steps. These include verifying ownership, removing or transferring the existing charge on title, ensuring the new lender’s mortgage is correctly registered, and coordinating the disbursement of funds—all while protecting your legal and financial interests.

Why You Need a Mortgage Facilitator

You need a mortgage facilitator like FCT (First Canadian Title) because lenders require a trusted, experienced third party to manage the legal aspects of the transaction—without requiring the borrower to hire a real estate lawyer.

FCT acts as the neutral third party that:

  • Performs title searches to confirm ownership and identify any issues or liens
  • Orders the payout statement from your current lender to know exactly how much is owed
  • Discharges the existing mortgage or transfers it (depending on the type of mortgage)
  • Registers the new mortgage charge on the title for your new lender
  • Coordinates the signing of legal documents (either in person or digitally)
  • Ensures compliance with provincial regulations and lender policies

Put simply, FCT ensures the switch is completed accurately, securely, and on time, with minimal disruption to you.

Who Is FCT?

FCT (First Canadian Title) is a national provider of title insurance and real estate-related services in Canada. While not a lender, they serve as the operational backbone for countless mortgage transactions by working behind the scenes with lenders and mortgage agents like myself.

In practical terms, FCT facilitates the legal and administrative steps required in switching a mortgage from one lender to another. This includes title searches, removing or transferring charges on title, ordering payout statements, and managing the signing process for new mortgage documents.

Their role is vital: they ensure a smooth legal transition, minimize risk, and keep your financing on track—without requiring you to visit a lawyer or navigate the legal maze yourself. Simply put, they do the heavy lifting that protects both you and your lender during the mortgage switch process.

Why Mortgage Clients Choose FCT

There are several compelling reasons why I confidently recommend FCT to my clients:

  • Expertise in Collateral and Standard Switches
  • Client-Centered Digital Experience
  • Efficient, Transparent Processing

Expertise in Collateral and Standard Switches

With more lenders increasingly registering mortgages as collateral charges (often with readvanceable products like HomeLines), a simple mortgage switch isn’t always so simple. FCT specializes in identifying registration types and tailoring the process accordingly—whether it’s a title transfer or a full discharge and new registration. This prevents costly errors and delays while keeping your transaction compliant and seamless.

Client-Centered Digital Experience

FCT has embraced modern technology with their Virtual Close e-signing solution. In eligible cases, clients can now complete their signing digitally—no in-person appointment required. Their secure identity verification software and e-signature protocols not only enhance convenience but significantly shorten transaction timelines by up to 5 business days.

Efficient, Transparent Processing

From ordering payout statements to registering new charges, FCT is laser-focused on reducing friction in the switch process. Their internal teams process thousands of transactions each year and maintain a detailed tracking system to anticipate delays, manage lender-specific nuances, and communicate timelines clearly with both brokers and clients. In fact, their current average turnaround time for receiving a payout statement is just under three business days.

FCT Saves You Money

Hiring FCT can save clients money because in most mortgage switch transactions, you don’t need to hire your own real estate lawyer when FCT is involved.

In a typical mortgage switch, many lenders cover the cost of transferring your mortgage—including the legal work. FCT acts as the lender’s appointed closing service provider, meaning they handle all the legal tasks that would traditionally require a real estate lawyer:

  • Title searches
  • Discharge or transfer of the existing mortgage
  • Registration of the new mortgage
  • Coordination of signing legal documents
  • Communication with the old and new lender

Since FCT is handling everything on the lender’s behalf, you (the borrower) don’t have to pay a lawyer’s fee, which can range from $800 to $1,500 or more, depending on the province and law firm.

Also, FCT’s streamlined, digitized approach can also help avoid costly delays:

  • No missed closing dates = No last-minute penalties
  • Proper title review = No overlooked liens or legal issues
  • Virtual signings = No time off work or courier fees

In short, FCT delivers the full legal package—but without the traditional legal bill.

You may still need a lawyer if you are:

  • Adding or removing someone from title
  • Borrowing additional funds (refinance)
  • Transferring ownership as part of a legal settlement or divorce

In these circumstances you may still require legal advice or a formal lawyer’s office to get involved. But for most standard dollar-for-dollar switches, FCT handles everything—at no out-of-pocket cost to you.

The Ideal Client for FCT

If you’re a homeowner with a mortgage coming up for renewal—especially one originally placed in 2020 or 2021 when interest rates were low—you’re likely weighing your refinancing or switching options. FCT is ideal for:

  • Homeowners switching lenders for a better rate or term
  • Clients with existing collateral mortgages (often from major banks)
  • Borrowers adding or removing a titleholder, such as a spouse or parent
  • Those seeking a low-hassle, digital-first closing experience

Even if your situation involves complex elements—such as liens, secondary financing, or title discrepancies—FCT is equipped to navigate the details with minimal disruption.

What Makes FCT Stand Out?

In a word: reliability.

Unlike some firms that operate reactively, FCT proactively manages each transaction with a deep understanding of lender policies, borrower expectations, and regulatory compliance. Their systems are designed to flag potential title discrepancies (like maiden vs. married names, missing owners, or unknown liens) early—allowing quick resolution without jeopardizing closing dates.

They also provide tools that empower both borrowers and brokers. Their borrower-facing brochures, signing appointment trackers, and mortgage document checklists offer confidence and clarity throughout the process. When a borrower knows what to expect, they’re far more likely to stay engaged and responsive—meaning we all get to the finish line faster.

My Final Thoughts

In today’s mortgage environment, where switch volumes are rising and renewal windows present major financial opportunities, working with the right facilitator can make all the difference.

As your mortgage advisor, I’ve chosen to work with FCT not because I have to—but because they make me look good by delivering the kind of seamless, professional, and client-friendly service that mirrors my own standards.

Whether your mortgage is registered as a standard or collateral charge, and whether your situation is straightforward or more nuanced, FCT helps ensure a smooth, secure, and timely transition. If a better mortgage is on your horizon, let’s explore it together—with a team of professionals like FCT helping us execute every step.

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Allen Ehlert

Allen Ehlert

Allen Ehlert is a licensed mortgage agent. He has four university degrees, including two Masters degrees, and specializes in real estate finance, development, and investing. Allen Ehlert has decades of independent consulting experience for companies and governments, including the Ontario Real Estate Association, Deloitte, City of Toronto, Enbridge, and the Ministry of Finance.

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