Can you take advantage of a mortgage port to save money in Sudbury?
Perhaps you’re in the middle of your term and want to, or have to, buy another home. With mortgage rates higher than they’ve been for about 15 years, if the lender allows you to transfer your lower rate to your new mortgage, it can be a major budget saver.
Most — but not all — lenders and products offer a porting option for your mortgage. And portability can be a successful venture with a lender. But just because this feature is part of your contract doesn’t guarantee you’ll be able to port your mortgage when the time comes. When buying a home or getting a new mortgage, always ask about portability and any restrictions that may come with it.Several details can derail your port, including qualifying details, price restrictions, and regulations governing insured and uninsured mortgages.
Have your qualification details changed? Any new ‘wobbles’ in your credit standing, income, or debt level may adversely affect the numbers lenders use to re-qualify you — and you may not receive approval for your new mortgage .Does the portability option come with a higher rate?
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