Have you ever heard of porting your mortgage? It is a great alternative if you find yourself in a position where you need to sell and buy a new home before your mortgage term has expired.
How Does It Work?
Essentially you are just transferring the terms of your current mortgage to a new property. That means that, if approved, you’ll get to keep your current interest rate and term and transfer it to the new property. If the new property is more expensive than your current property, you will have to borrow the additional funds to make up the difference. Any additional money you borrow, however, will not be subject to your locked in interest rate. New money will be handled under current interest rates and result in an overall blended rate for your…
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