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Mortgage Porting in Toronto
Not All the Lenders Allow Mortgage Porting
Sometimes homeowners decide that they want to move to a new property before their mortgage on the current home is over. This is a common occurrence among many people and it is possible to transfer a mortgage. The solution is called porting. When you port your mortgage you transfer it from one property to another. Toronto Mortgage Brokerage will make your transfer quick and worry free.
We Will Guide You Through it
After you have sold your current home and purchased a new one, you can begin the process of mortgage porting. Not all lenders allow mortgage porting that is why it is important to contact a reliable professional at Toronto Mortgage Brokerage to assist you with the task. We have an extensive contact list of lenders that will be willing to accept mortgage porting. We will inform you of all of your possible options and guide you throughout the way.
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Things to Consider When You Do Mortgage Porting in Toronto
Before you make the decision to port it is a good idea to consider the current interest rates on the market. If your secured interest rate is low and unavailable on the market then it is advantageous for you to port your mortgage. However if your mortgage rate is higher than the current mortgage rates on the market, it is likely not a good idea to port your mortgage.
In the latter case, you would have to consider which option will be more cost effective- porting despite the rate not being in your advantage or paying a fee to break your mortgage contract before the due date. Our experts can help you figure out which option is best. In many cases, porting your mortgage can end up saving you thousands of dollars. To find out if porting is right for you, contact us and we will discuss all the features and options that best suit you.