SHOULD YOU BREAK YOUR MORTGAGE OR PORT IT WHEN SELLING AND BUYING A NEW HOME? Whether you can port a mortgage depends on a few factors but ultimately it all has to do with numbers. Porting a mortgage may not be in your best interest especially if you’re not happy with your current lender and want to search out a new one. The good news is that if you can save money and you’re eligible to port your mortgage you’re doing alright. Renewing a mortgage is far different from porting a mortgage which I’ll get into a later but in the mean time wrap your head around this question- How much do I know about my current mortgage? If you haven’t read the fine print now is a smart time to break out the paperwork. Why am I talking about how to port a mortgage today? Honestly, I had no idea about how to port a mortgage in Canada but I do know that it’s a common practice in the UK where I was born. What I’ve learned while living in Canada as a permanent resident is that I can’t compare apples to apples from what I know in […]
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from Canadian Budget Binder http://canadianbudgetbinder.com/2017/08/05/port-a-mortgage-canada/