Portable Mortgages: Moving your existing mortgage from a current home to another.
Looking to move your current mortgage to a new house? It's easier than you think and may save you a substantial amount of money depending on your terms and conditions. You can often keep your existing rate and not have to incur any penalties for breaking your mortgage.
Homeowners who financed a property earlier in 2022 will, in most cases, have better terms than what can be secured now. In these cases, depending on the options your lender has, you can port your existing mortgage over to a new home and add additional financing if required.
Insured mortgages are also potentially portable as well. In these cases, the premium, or a portion thereof, and the mortgage may be available to be ported over to a new property subject to the terms and conditions of your lender and initial insurer. In these situations, you may be able to add additional financing as long as the terms and conditions of the lender and insurer are met accordingly. This can certainly result in substantial savings in insurer premium costs amongst other financing costs.
While many mortgages are portable, do not make any purchasing decisions without thoroughly reviewing your financing options. Do not assume that your mortgage is portable. Contact your broker or existing lender and review your options.
For more information, feel free to reach out to:
John Chrisanthidis, Mortgage Broker (FSCO Lic. M08001294 Mortgage Intelligence FSCO Lic. 10428)