This week we received an e-mail question from one of our website visitors asking about the benefits and disadvantages of mortgage porting, as she is interested in selling her current home and purchasing a new one.
I am looking to get information on the benefits and disadvantages of porting a mortgage? I bought my current single family home for $339,000 over two years ago and have a fixed rate of 5.69 over 30 yrs. I would like to sell and purchase a newer townhome (either through a builder or one that is 1-2 yrs old) for about the same cost or a little less. Can I use the equity from the sale to put 5% down on the new home and can I pocket the remaining equity from the sale? I live in a desirable area of Ottawa and homes in my area of the same size with smaller lots sell for around $350-370 K.
Watch our video blog to learn about how mortgage porting works and how you can use the equity of your home towards the purchase of your next property.
If you have any questions or thoughts that you would like us to respond to, please send them to firstname.lastname@example.org with the subject line: QUESTION. MonsterMortgage.ca is happy to receive all of your mortgage questions re: home loans, refinance, interest rates, renewals, etc. and answer them in our upcoming video blogs.