Porting a mortgage basically means to take a mortgage from one property to apply it to another property. Porting a mortgage is very common in Canada. In the real estate porting a mortgage video below, we discuss the different aspects of “Porting a Mortgage in Canada“.
Some of the things that you should be aware of when porting a mortgage include:
- That your mortgagee allows you to port the mortgage (Check the details of the contract).
- Whether you will do a “port increase” or a “port decrease” or a “straight port”
- That the property that you are moving the mortgage against will qualify
A port increase means that you will be moving your mortgage and also increasing the amount of the mortgage. You will need to re-negotiate your mortgage rate on the increased amount.
A port decrease means that you will be moving your mortgage and decreasing the amount of the mortgage. You might need to pay a penalty.
A straight port means you are taking the same amount of mortgage so no changes are needed. There might be a small administration fee to do this.
If you have any questions about “porting a mortgage in Canada”, please contact our mortgage agent Abraham Niyazi at 1-866-686-9929.
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