What happens if you need to move your mortgage from one property to another before your term is up? Perhaps you are moving to a new home, downsizing or upsizing! Moving your financing from lender to lender is called ‘porting’ your mortgage or ‘transferring’ your mortgage.
It is important to note that now all lenders allow transfers. As a professional mortgage broker, my job is to make sure you have the correct mortgage to fit your family and if you have the potential of moving before your term is up we will make sure your mortgage is ‘portable’. Did you know that more than 70% of Canadians require this feature on their mortgage because they will break their term usually around the 36 month mark for one reason or another? It pays to have an unbiased mortgage broker working for you!