Ijara Community Development Mortgage Switch / Transfer moves an existing mortgage between lenders for a better profit rate using the switch mechanics Canadian borrowers already know at renewal, and lands the result in ijara rather than another interest loan. The program is nationwide. Do the math on discharge, appraisal, and legal fees before you treat a switch as free. Manzil is a purchase lender (musharaka in Ontario, British Columbia, Alberta, and Saskatchewan; murabaha in Ontario only). This page does not claim Manzil runs a switch desk. Start on the home financing hub.
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Switch vs Refinance vs Conversion
| Product | What it is | On this site |
|---|---|---|
| Ijara CDC switch / transfer | Move an existing mortgage at renewal into ijara using switch mechanics | Nationwide |
| Ijara CDC refinancing | Restated ijara, including cash-out up to 80 percent of appraised value on that record | Nationwide. Different program |
| Riba-to-ijara conversion | Convert an existing Canadian mortgage into ijara with no refinance and no documents on that record, 10 to 14 business days | Nationwide. Different program |
Do not mix those three. A switch at renewal is not the no-document conversion product. A cash-out is the refinance program. Related: bridge financing if the problem is closing dates, not the lender.
Frequently Asked Questions
Can I switch my bank mortgage into ijara at renewal?
That is the Ijara CDC switch / transfer product. It is nationwide. Confirm discharge and legal costs in writing.
Is a switch cheaper than a refinance?
Not automatically. Add discharge, appraisal, and legal fees. If you need cash-out, that is the refinance program, not this switch.
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Is this available in Nova Scotia?
The program is nationwide in Canada. Do not confirm whether they serve Nova Scotia. Confirm the discharge statement.
Can Manzil take over my TD mortgage?
This page does not claim a Manzil switch desk. Manzil purchase maps are listed above. Ask Manzil in writing. Do not assume this Ijara product.
Bottom Line
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Ijara CDC can switch a conventional mortgage into ijara at renewal, nationwide. Price the fees. Do not confuse it with cash-out refinance or the no-document conversion program.
