Wondering how to port a mortgage? Is your mortgage portable? Here are a few things to consider!
A lot of my past clients are curious about what they can do if they want to sell their current home and buy a new one. Basically, most mortgages are portable.
What that means is you go through the qualifying process and you can port the existing mortgage at whatever the current interest rate is, and if you need more money, you can add that to the mortgage. You end up with an averaged interest rate.
There are a few rules around qualifying, of course. The property has to be acceptable to the lender. But it’s definitely a way of moving up the property ladder and taking advantage of rates from, say, two years ago, which were very, very low compared to today’s rates. So it’s worthwhile to check if your mortgage is portable.
So, if you want to talk more about porting your existing mortgage, please give me a call!
I also have a helpful video about what to do with your house if you’re getting divorced – check it out here.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.