Can you Port a Mortgage?
The answer is yes, it is possible for someone to port their mortgage. Mortgage porting, also known as mortgage assumption, is the process of transferring an existing mortgage from one property to another. This can be useful for homeowners who want to move to a new property but want to keep their current mortgage and its associated terms and conditions.
To port a mortgage, the homeowner must first obtain the lender's permission and meet certain eligibility criteria. This may include requirements such as having a good credit score and a stable income.
Once the lender has approved the mortgage porting, the homeowner can use the existing mortgage to finance the purchase of the new property. The terms and conditions of the original mortgage, including the interest rate and the remaining term, will remain the same.
Overall, mortgage porting can be a useful option for homeowners who want to keep their existing mortgage when moving to a new property. However, it is important to carefully consider the pros and cons of mortgage porting before making a decision.