Porting your mortgage means transferring your existing mortgage rate and terms to your new home. You keep the same interest rate, remaining term, and amortization period — the only thing that changes is the property securing the loan.
Many homeowners choose to port their mortgage to avoid costly prepayment penalties, keep a lower interest rate than what is currently available, or both.
Moving doesn’t have to mean losing your great rate. Mortgage porting may let you bring your current mortgage with you and avoid the fees that can come with breaking your term early.
Give us a call, we will help you walk through the porting process
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