Real Estate

Timing to Sell Current Home & Interim Occupancy at New Home - Mortgage Porting

  • Last Updated:
  • Mar 24th, 2020 11:33 am
[OP]
Sr. Member
Nov 30, 2009
675 posts
191 upvotes
Toronto/Mississauga

Timing to Sell Current Home & Interim Occupancy at New Home - Mortgage Porting

I have a final tentative occupancy date in Oct 2020 for a stacked townhouse that we'll be moving into and looking into how we should time the selling/listing/closing of our current condo. Our current mortgage on this condo still has another 3 years until maturity and we were looking to port it over to the new property. The problem is that the porting option can only be held for 90 days from what the mortgage specialist told me. If we sell and close by the date we move in for interim occupancy, that means that the builder must register the properties within 90 days, which I don't know if it's a reasonable amount of time for them.

Should we list after we move into the townhouse to reduce the time between of the condo and the townhouse -- meaning we would have to carry both mortgage and occupancy fees? Or should we just list/sell/close on the condo before taking occupancy of the townhouse and break the mortgage for a potential lower interest rate? Our current mortgage rate is at 2.99%.
Top