When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port your mortgage to the next home.
Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance, and term. Thereby allowing you to move or ‘port’ your mortgage over to the new home.
If you already have the existing option to port your mortgage, or are considering it for your next mortgage cycle, there are a few considerations to keep in mind:
- Time limit: Some portability options require the sale and purchase to occur on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
- Terms: If you wish to increase your dollar requirement then a blended port would apply. Some lenders will not allow you to port up and some will not allow you to port down.
Each porting application is unique. There are multiple good reasons and many not-great reasons that are and are not in the best interest of the mortgage owner.
Speak with us today to uncover if this is your best move when it comes to utilizing the port option.