Ported Mortgage Questions
Hi All,
Mortgage is up for renewal soon and we currently have our house for sale. Looking at renewing on a one year fixed with an option to port over once we buy a new place which could be a month or two down the road after we sell (Seems like 120 days without facing penalties).
Questions:
1) Once we port to our new house which will be slightly higher than the balance of our current mortgage, do I need to put another downpayment
2) Assuming another down payment is needed, will I also get dinged on the mortgage insurance if its under 20% even though I already paid it on my current mortgage
Thanks
Mortgage is up for renewal soon and we currently have our house for sale. Looking at renewing on a one year fixed with an option to port over once we buy a new place which could be a month or two down the road after we sell (Seems like 120 days without facing penalties).
Questions:
1) Once we port to our new house which will be slightly higher than the balance of our current mortgage, do I need to put another downpayment
2) Assuming another down payment is needed, will I also get dinged on the mortgage insurance if its under 20% even though I already paid it on my current mortgage
Thanks
