Mortgage Break or Port
Mortgage Break or Port
Last edited by jdu0ng on Mar 23rd, 2021 10:08 am, edited 1 time in total.
Mortgage Break or Port
- Last Updated:
- May 6th, 2020 12:16 am
Tags:
- SCORE
- jdu0ng [OP]
- Deal Addict
- Feb 9, 2013
- 1882 posts
- 1241 upvotes
- Mississauga
6 replies
- RFDealDude
- Newbie
- Apr 29, 2020
- 93 posts
- 365 upvotes
Last time I switched houses, it was simply a matter of porting the mortgage over to the new house. I think if you were to break it, you would have to pay the exorbitant fees associated with breaking a mortgage.
I kept with the same bank so it was a relatively painless process that they should be able to explain to you pretty quickly.
This is something that happens all of the time, shouldn't be a big deal. Just shoot your mortgage broker an email and inquire about the details.
I kept with the same bank so it was a relatively painless process that they should be able to explain to you pretty quickly.
This is something that happens all of the time, shouldn't be a big deal. Just shoot your mortgage broker an email and inquire about the details.
- lpin14
- Deal Addict
- Nov 24, 2013
- 2436 posts
- 1799 upvotes
- GTA
You should be able to port it.
- michelb
- Deal Fanatic
- Jul 4, 2004
- 7328 posts
- 4466 upvotes
- Ottawa
Yes, check your mortgage contract but paying off a mortgage early has very significant penalties. However if it was a CMHC insured mortgage, it might be capped at 3 months penalty.
Call your bank but you shouldn't have any problems porting it (and extending if necessary) for a new property. That said, it can be more complicated if the dates don't quite coincide.
Call your bank but you shouldn't have any problems porting it (and extending if necessary) for a new property. That said, it can be more complicated if the dates don't quite coincide.
- JayLove06
- Deal Expert
- Feb 29, 2008
- 20799 posts
- 20086 upvotes
- Tarrana & The Ri…
Port. Lets just say, I'll never break a fixed mortgage again. It's a lot of money.
- bomber17
- Deal Fanatic
- Apr 5, 2016
- 6077 posts
- 4561 upvotes
- Calgary/Vancouver
You can port it over but the mortgage balance has to be exactly the same. If you need a higher balance, you can blend and extend which will blend your current rate with the new rate. Won't be the lowest rate but saves you the prepayment penalty.
- yydd4567
- Deal Addict
- Oct 11, 2016
- 1128 posts
- 519 upvotes
the key here is that your mortgage is "fixed" If it was variable, the penalty is a heck of a lot less...3 months interest + discharge fees. As others have said, breaking a fixed mortgage can cost you dearly. I broke a fixed mortgage with a month to go...it wasn't horrible..but still was pricey. I had 90 days to get another property to port it (RBC.)