Mortgage Porting


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Can You Take Your Mortgage to Your New Mississauga Home?

We can transfer your existing mortgage from your current financial institution to another one with better terms and conditions.

One of the most important questions you should ask before you sign a mortgage agreement is whether or not you can port your mortgage. A portable mortgage agreement is one that allows you to take your mortgage with its current interest rate and terms with you to a new home.

The reason that homeowners prefer to port their mortgage is to preserve the interest rates that they have negotiated. It also ensures that they avoid penalties. If you are unable to port your mortgage, the only way to avoid penalties is to time the sale of your house with the end of the term of the mortgage. This is not easy.

You cannot add the portability feature after the mortgage has been signed. Typically, a variable rate mortgage is not portable. The lender will usually make mortgage holders fix their interest rates before they will add the portability feature. You may have to pay a fee to include portability but it may be worth your while as it is likely to cost less than penalty payments.

Private lenders also offer portability options so if you are thinking of selling your Mississauga property during the term of the mortgage it is worth enquiring about the option.

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Your Portable Mortgage and Upgrading Your Home

Having a portable mortgage does not mean that you will automatically qualify for a larger mortgage when you want to move. All the criteria that applied when you secured your first mortgage will apply to this one.

Your new property will be appraised and your income and debt to income ratios will all be assessed before a new mortgage amount will be agreed. If you don’t qualify for the full amount you will have to come up with the cash yourself. If the lender is not happy with the new property he can refuse to port.

You should ensure that your credit rating and debt to income ratios are all in order before approaching your lender. He cannot reduce the current mortgage neither can he raise the interest rates but he can refuse to increase the amount that he lends you.

Since it is likely that your new home will cost more than your current home, you will probably need a bigger mortgage. Some Mississauga lenders will agree to a blend and extend agreement, whereby they will add a new amount onto the current mortgage at new interest rates and extend the remainder of the term to another five-year fixed term. It is essentially a weighted average of the old and new rates.

Many lenders will place restrictions on the time that you have to sell your home. The time span typically varies between thirty days and one hundred and twenty days.

To Port or Not to Port

Whether you should port or not will depend on the current interest rates versus the interest rates that you are paying on your mortgage. If you are paying interest rates that are higher than the current available rates, it might be worth your while to pay the penalties and get a new mortgage.

Mississauga Mortgage Broker can offer you advice on the best available deals and can help you with simulations so that you can make an informed choice when moving home.

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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