Porting Your Mortgage
What to know about porting a mortgage & why this is a smart financial move right now…
- Porting your mortgage involves moving your current mortgage over to a new property.
- It’s likely that your current interest rate on your home is lower than what is available today, so this is a great way to save.
- This method can also be a great way to avoid hefty penalties for breaking your mortgage term early.
- You will have to re-qualify to port your mortgage if your purchase amount is greater than your mortgage.
- Not all mortgages are portable. This is lender specific.
- If you are constructing a new mortgage and have plans to move again within the term of your mortgage, be sure to let your mortgage broker know so we can find a product that accommodates this option and allows for minimal fees.
If you currently own a home and are looking to purchase in today’s market, reach out and we can discuss this option 🙂