Porting Your Mortgage

Porting your mortgage means taking your existing mortgage – along with its current rate and terms – from one property and transferring it to another. You’re only allowed to port your mortgage if you’re purchasing a new property at the same time you’re selling your old one. Unlike mortgage refinancing, porting a mortgage doesn’t require you to break your mortgage and pay prepayment penalties.

Now don’t worry, if you need more funds for your purchase, which most do, we’ve got options depending on which bank your mortgage is with.

So when does it make sense to port your mortgage?

1. It makes the most sense to do it when your mortgage rate is lower than what’s currently being offered by lenders.
2. The penalty is too great to break your mortgage in order to access a lower rate.

Are all mortgages portable?

Not all mortgages are portable, some lender’s allow it and others don’t. Most Variable rates are not portable, and keep in mind that if your purchase falls too many days after the completion of your sale you may not be eligible. This is why with all of our clients we focus on the clients short and long term goals and provide expert advice and mortgage options to make sure your good to go.

Тэги:

#Mortgage #Real_estate

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