Transfer or Switch
This is kind of refinance in which the same amount of mortgage is transfered from one bank to another. This is the case when you want to lower your rate.

Advantages
- Your rate decreases so does your payment.

- you do not pay the legal fee. So you save at least between $800 to $1,000.

Disadvantage
- you can not increase the amount of your mortgage. Ususally when your current mortgage is a closed mortgage, there is a penalty involved (you can ask your current bank exactly how much your penalty is as of now). So you have to pay the penalty fee from your pocket to your bank when the transfer happens.