January 24, 20263 min read
Homebuyers often hear a rule of thumb, but prime mortgage underwriting is more detailed than that. Mortgage portability can let you move an existing mortgage to a new property instead of breaking the contract, subject to lender approval and timing rules.
Where borrowers get tripped up
Here is what matters most:
- You still need to qualify for the mortgage on the new property.
- If you need a larger loan, the lender may blend the existing mortgage with additional funds at current rates.
- Porting deadlines can be strict, particularly when sale and purchase dates do not line up.
- Not every mortgage is portable, and portability does not always eliminate every fee.
If you may move during the term, portability should be compared before you sign - not after the sold sign goes up.
Want this applied to your own numbers?
Call Phil Cragg at 866-349-4915 or request a written comparison.
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