Nominal interest rates
Refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the worth of the home.
A switch mortgage or transfer mortgage involves moving your current mortgage from one lender to another without changing anything except for the term and interest rate.
A switch is beneficial when you want to take advantage of lower rates in the market without changing any other aspect of your mortgage