🔁 Exploring Mortgage Portability: What You Need to Know! 🏠✨
Thinking about mortgage porting? It's transferring your current mortgage term, balance, and rate to a new property when you sell your current one. But let's clear the air—it's not always as straightforward as it seems. Here's what to expect:
1️⃣ Re-Qualification Needed: You'll have to qualify for your existing mortgage again, considering both your eligibility and the new property.
2️⃣ Property Approval: The new property must meet the lender's criteria.
3️⃣ Changing Property Values: Values fluctuate, affecting your mortgage terms.
4️⃣ Down Payment Required: You'll likely need a down payment for the new property.
5️⃣ Potential Penalties: Be aware of any penalties, like prepayment charges.
6️⃣ Timelines Can Be Tricky: Unexpected delays are common.
7️⃣ Porting Periods Vary: Check your lender's terms.
While mortgage porting offers flexibility, it's not a one-size-fits-all solution. Let's discuss your options and make informed decisions together. Connect with me to explore your next steps!
