If you’re planning to move into a new home but have an existing mortgage, mortgage portability might be the perfect solution to avoid costly penalties. In Canada, many homeowners are unaware that they can transfer their mortgage from one property to another without having to pay hefty prepayment charges.
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Mortgage portability allows homeowners to transfer their current mortgage terms, rates, and conditions to a new property, saving them from breaking the mortgage contract early. This option is particularly beneficial if you have a favorable interest rate or if you’re in the middle of a fixed-rate term. Instead of renegotiating a new mortgage, which can lead to higher rates or penalties, portability provides a seamless transition to your new home.
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However, not all mortgages are portable, and there may be conditions attached to this feature. For instance, the new home must meet the lender’s approval, and you may need to top up the mortgage if the new property’s value exceeds your current mortgage balance.
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Consulting with your mortgage advisor can help ensure portability is the right option for you, and it’s worth considering if you want to move without the financial burden of penalties.
