If you're looking to switch your mortgage, Perch automatically calculates something called your switch savings opportunity. This is the amount of money you could save (or lose) for switching your mortgage.
In the event your switch benefit is positive, it means Perch anticipates that switching your your current mortgage for a new one would yield savings on your monthly mortgage payments (this number accommodates any possible penalties for switching).
In the event there is zero or negative switch benefit, then it is likely that the penalties (including any interest left on this mortgage) would outweigh the possible savings.
Clicking on "Switch Now" will start a switching plan and notify your advisor that you are interested in determining if you could benefit from switching your existing mortgage with Perch.
If you're interested in the numbers, you can click the "view details" link below your switch savings opportunity to reveal the breakdown.
Of course, if you have any questions or concerns about your switch benefit we recommend reaching out to your advisor and they would be happy to answer any and all of your questions.
We've written an article that walks you through the entire process to switch your mortgage and highly recommend checking it out.