Linda Linfoot - Keeping You Informed
One Mortgage, To Go!
Are you satisfied with your mortgage, but not so happy with your home — which is provoking a move? Instead of repaying your existing mortgage when you move and taking out a new one on your new home, you'll want to find out about a portable mortgage, where you can transfer your existing mortgage from one home to another. Under a portable mortgage, the loan terms and conditions applicable to your current property — existing interest rate, loan balance, remaining term, etc. — can be switched to your new property.
The most valuable benefit of portable mortgages is that they allow you to avoid any rise in interest rates occurring between the time you purchase one home and the time you buy the next one. As well, with a portable mortgage you won't have to pay redemption penalties for moving in the middle of a mortgage term.
If interest rates have risen since you took out your original loan, you'll want to transfer your existing mortgage, with the lower rate, to your new property. If you're upsizing and need to borrow more money, only the additional funds will be blended in at the current rate.
Please call to find out more about porta ble mortgages, or about the many other mortgage options available for your specific borrowing needs.
