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Jan 24 Porting Your Mortgage FAQ

Posted by: MonsterMortgage.ca

  • What is ‘Porting A Mortgage’?

Porting your mortgage is when you transfer your current mortgage from your existing property to a new property – hence the term, “Porting My Mortgage”.

  • When does ‘Porting A Mortgage’ happen?

Porting a mortgage would happen when you have sold your home and bought a new one.

  • Why would I need to know about porting my mortgage?

You like the mortgage you have. You like the rate, the terms and conditions and you want to take them with you when you move.

  • Can anyone port their mortgage?

NO! Portability of your mortgage depends on your lender. The key (as always) is understanding the terms and conditions of your mortgage contract before you sign it.

70% of all mortgage holders do not go to term on their existing mortgage. Many of these people move into new homes. That is why knowing the ins and outs of your mortgage, including whether or not your mortgage is portable, is something you should understand before signing on the dotted line.

REMEMBER A GOOD MORTGAGE IS NOT JUST ABOUT A GREAT RATE!!!

  • What if I need more money when porting my mortgage?

Here too, every lender is different. Yes, you can typically get more money for your new home purchase, this is called “blend and extend”.

The formula for calculating your new rate is what differs from one lender to another…this is also something an experienced mortgage advisor should explain to you before you sign your mortgage contract.

Remember to catch CP24’s ‘Hot Property’ every Thursday night at 7PM. On ‘Hot Property’, MonsterMortgage.ca‘s Canada mortgage experts cover valuable topics such as porting your mortgage and more each week. Getting the facts your bank won’t tell you is the key to saving thousands of dollars on your mortgage and putting more money in your pocket, not your bank’s.

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