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Mortgage Transfers Toronto | Mortgage Porting Canada

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Transferring Your Mortgage

Mortgage Porting with Turkin Mortgage

If You Are Moving To A New Home

If you decided to move to a new home and would like to transfer your existing mortgage, Turkin Mortgage brokers make it an easy and convenient process. We have experienced and dedicated mortgage specialist and offer unbelievable fixed or variable interest rates that are no match to our competition.

You Can Get Lower Rates With Mortgage Transfer

We can transfer your existing mortgage from your current financial institution to another one with better terms and conditions. Why pay a high rate when you can transfer your mortgage to a much lower rate and save thousands of dollars? We have all the best options for our customers and customize mortgage plans to suit everyone’s individual needs.

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Understanding Mortgage Transfers Toronto

What is Mortgage Porting?

A mortgage transfer, also referred to as a mortgage port or mortgage porting, allows you to move your existing mortgage to a new property or lender. This process enables homeowners to maintain their current interest rate and avoid paying penalties for breaking their mortgage contract.

Mortgage transfers are particularly beneficial in situations where the current interest rates are higher than those of your original mortgage.

By transferring your mortgage, you can potentially save money on interest payments and avoid mortgage discharge fees, making it a cost-effective option when moving to a new home or switching lenders.

Benefits of Transferring Your Mortgage

Get the most out of porting your mortgage

Transferring your mortgage can provide several advantages, making it an appealing option for homeowners looking to switch properties or lenders:

  • Keep your existing interest rate, which can protect you from rising market rates.
  • Avoid penalties associated with breaking your current mortgage contract.
  • Transfer your mortgage without re-qualifying, meaning you don’t have to apply for a new mortgage loan.
  • Leverage better terms and conditions offered by a new lender to improve your mortgage situation.

Overall, transferring your mortgage offers flexibility and potential savings while maintaining the favorable terms of your existing loan.

The Mortgage Transfer Process in Canada

How to Port your Mortgage in Canada

When considering a mortgage transfer, it's essential to review the process carefully. If transferring isn’t ideal, homeowners may also explore alternatives like refinancing or equity takeout options. However, if a mortgage transfer is the right path for you, here’s a step-by-step guide.

Breaking Your Mortgage Contract

  1. Review your mortgage contract: Understand the specific terms and conditions for breaking your mortgage.
  2. Calculate penalties: This includes a mortgage discharge fee and any other penalties your lender may impose for breaking the contract early.
  3. Consider hiring a mortgage broker: A mortgage broker can help you navigate this process, offering advice on minimizing penalties and finding the best transfer options.

Applying for a Mortgage Transfer

How to Get a Mortgage Port?

  1. Gather required documents: This includes proof of income, credit reports, and information about your existing mortgage.
  2. Apply for the transfer: Submit a mortgage transfer application with your new lender, ensuring you meet their requirements.
  3. Review and sign the new mortgage contract: Once approved, carefully review the terms and sign the new agreement to finalize the transfer.

By following these steps, you can ensure a smooth transition and potentially benefit from better terms with your new mortgage.

Costs and Fees Associated with Mortgage Transfers

What will I pay for porting mortgage in Toronto?

When transferring your mortgage, several fees may apply, and it’s important to be prepared:

  • Mortgage discharge fee: Charged by your current lender for closing your existing mortgage.
  • Legal fees: Fees for a lawyer to review and prepare the legal paperwork required for the transfer.
  • Appraisal fee: A fee paid to an appraiser to assess the value of your new property.
  • Transfer fees: These are fees charged by your new lender for processing the mortgage transfer.

While these fees vary depending on the lender and province, being aware of these costs can help you plan and budget effectively.

Transferring Your Mortgage to a New Property

When transferring your mortgage to a new property, it’s essential to follow these key steps:

  • Ensure your new property meets lender requirements: Confirm that the new property aligns with your lender’s criteria, including its value and type.
  • Review and sign the new mortgage contract: Carefully go over the terms of the new mortgage, ensuring that all conditions are clear.
  • Transfer the ownership: Finalize the process by transferring ownership of the new property to your name.

Completing these steps will ensure a smooth transition, allowing you to carry over your existing mortgage to your new home.

Things To Consider When You Do Mortgage Transfers In Toronto

  • It is an ideal option when your current mortgage interest rate is higher than market rates.
  •  When you switch financial institutions you are required to requalify your mortgage. Our specialists will make this a simple process for you.
  • A penalty is involved when you opt out of your current mortgage, but we can help you to save your money.
  • Different lenders offer different prices and accompanying fees. It is key to have a professional on your side that know a lot of lenders and will assist you in finding the best one.

Transferring your mortgage is a great strategy to save money on mortgage payments. Let us provide you with free advice to transfer your mortgage the right way. Contact us today to get an expert consultation.

Google Reviews

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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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