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Group: Forum Members
Last Login: Yesterday @ 12:48:17 PM
Posts: 748,
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| Hi I was just wondering if anyone has any experience with porting a mortgage. We are thinking of upgrading from the condo to a house and currently owe 188k on our existing mortgage (was 202k). The homes in the area we like range from 295-345k We are going to ask 212 for our place (low for the building). We already paid CMHC fees on this place so would we have to provide a downpayment (we are planning on using any proceeds from the sale and have 10k saved up) Will we only pay CMHC fees on the balance that we add say the additional 100K. From my understanding we could blend the rate so have our sub prime amount on the 188 and whatever rate (probably stick variable) on the balance. In the next couple days we will be calling the bank to see our options but just wanted to see what experience others have had. My ideal situation is that my dad will gift us the difference and we pay him back (he had offered last summer to buy my sis a house and be her mortgage holder so I need to hint the situation to him,lol)
Thanksgiving weekend 2008
Im a MRS had a wonderful and fun day with our 110 guests
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Group: Forum Members
Last Login: 2 days ago @ 2:22:42 PM
Posts: 456,
Visits: 2,511
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| we haven't "ported" our mortgage just yet but are looking into it as we want to move to a new town. But so far this is my understanding Our bank said that we have to have an accepted an offer to purchase before we can even apply to port our mortgage and that ideally the sale of our current home and possession of our new home will be on the same day. This way we will pay absolutely no penalties but may have to pay a processing fee of around $200 (thats what our bank charges) He also states that it is only considered a "port" if our new purchase is the same or lower value of our existing mortgage. If thats the case than its just as simple as the paperwork. However, if our new mortgage is to be even a penny higher than what it currently is it is no longer considered an actual port but now turns back into a purchase and we will have to be reapproved for our mortgage but they will give us a blended mortgage (with the 2 different interest rates) if sale and possession are not on the same day our bank gives us a timeframe of 60 days max. and we have to pay the penalty. If we can get possession of a new house in that timeframe we will be refunded our penalty but will still have to pay the interest compounded daily for the days we weren't in possession of a house. Gosh I hope that makes sense...
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Master Planner
Group: Forum Members
Last Login: 7/7/2010 3:23:26 PM
Posts: 1,948,
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| We "ported" our mortgage to our new house. We were also in a condo. You will have pay CMHC on whatever extra amount you needed to borrow unless ur downpayment is 25%. Either way the CMHC cost will be much lower then breaking your existing mortage and setting up a new one. As for how much extra can you borrow...well that entirely depends on what your debt ratio is.
Natasha and Blake
March 7, 2009
Eglinton Grand
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