Take your mortgage with you when you buy a new home
A second home can be even more exciting than the first because you’re realizing new and different dreams – more space, a new area, an expanded family. If you already have a mortgage for your current home, you can continue the features and benefits by porting your mortgage when you move.
Reasons to Port
Keep your rate
If you have a great rate with your current mortgage, it is possible to keep that rate and potentially save significantly on interest costs if rates go up.
Adjust your mortgage
If you need to adjust your mortgage amount to suit the financial requirements of your new home, we can work with you to alter your mortgage amount.
Keep it simple
Switching your mortgage can be time consuming and complex. When you port, you have the same mortgage, with the same features, advantages, service, and support
Avoid prepayment charges
Porting or having someone assume your mortgage means that you don’t have to break your mortgage early, which can possibly help you avoid potential prepayment charges.
Assuming a mortgage
Buyers interested in your current home have the option of assuming your mortgage. Your current rate can act as additional advantage and selling feature for your home. Potential buyers must qualify with your lender before taking over the mortgage.