Porting a mortgage question
If I'm moving from one property to another within Ontario, what exactly are the steps around porting a mortgage? Do I have to break the current mortgage and pay a penalty first before taking on another mortgage for the property I'm moving to? I'm not quite too sure on the timing of this. If I'm planning on moving from Durham to York region within the next two years, should I take on a 2 year mortgage if I'm refinacing?
