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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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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

2.39%

5-Year
Mortgage First National Bank RateFirst National Financial

2.69%

4-Year
Mortgage RMG RateRMG Mortgages

2.64%

3-Year
Mortgage Street Capital RateStreet Capital Bank

1.99%

2-Year
Mortgage TD Bank RateTD Bank

2.69%

1-Year

VARIABLE

TermRate
5-Year Variable

2.85%

3-Year Variable

3.10%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

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.

OUR CUSTOMERS LOVE US

I've worked with mortgage brokers before and have had some issues, so wasn’t sure if i wanted to go to a bank or a broker again. I ended up finding Leon and his team and the reviews seemed really positive, so i decided to just give them a call and see what they offer. Leon explained everything over the phone and was able to adjust to my schedule for a meeting. We ended up going over everything from start to finish, I explained my situation and he recommended a mortgage for me. He explained how it would save me money and how he would guide me step by step. At any point during the process he was literally just a phone call away and was very responsive. The best experience I’ve ever had with my mortgage. Gonna stick with Leon and his team from now on.
Randa Conyers
Randa Conyers
04:49 24 Feb 18
I found Leon a few months ago when we were looking to secure a mortgage for our new home. I read the reviews and they all seemed positive, so I gave him a call. Leon and his team honestly live up to their reputation, they answer all their calls, respond to emails within the hour and have the best rates I’ve seen. They know everything about the market and answer every question I have. Got a great rate and the customer service was outstanding. Would recommend to anyone, 5 stars
Yolanda Sizelove
Yolanda Sizelove
11:41 17 Feb 18
Most of my income is in dividends so my mortgage approval turned out to be a lot more complicated than normal. Leon guided me step by step through the whole process. He explained everything, was very patient and answered any questions i had. A week before the closing the lender asked for some additional documents and Leon was just a phone call away and was able to get everything together right away. Great service and great team.
Christin Franco
Christin Franco
03:34 01 Feb 18
Working with Leon has honestly been amazing. He managed to find a bunch of properties at a great price. We told him what we were looking for and our budget, he was able to find properties that we were able to renovate and re market. It has honestly been a pleasure working with him.
Tener Fellers
Tener Fellers
03:02 19 Jan 18
The entire team at certified mortgage broker were very kind and professional. Never worked with a mortgage broker before, but was tired of the terrible service at my bank. After a bit of research I found these guys and its been great. They are easy to reach, my rate is lower and they are VERY professional. Awesome service.
Myron Wiggins
Myron Wiggins
02:11 15 Feb 18

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