If you want to be able to save money but you need to move, a portable mortgage may be the right choice for you! Instead of getting trapped with one house, one mortgage you’ll be able to move whenever you need to. Make sure you work with one of our Toronto mortgage brokers to get the best deal. Remember that the interest rates for these mortgages will be slightly higher than a comparable fixed rate or variable rate mortgage offered by both conventional and Canadian private lenders, but you’ll get all the perks you need to make up for it.
Avoid Paying Closing Costs
I don’t know if you’ve ever had to sell a house before, but it can be expensive. Working with the lawyer to get your home sold and your interests protected, a seller’s agent, the closing fees for the title company and whatever crazy demands the buyer has dreamed up can take its toll on your wallet. If you want to be able to move on when it’s time to move on, choose us as your Toronto mortgage broker. When you choose a portable mortgage you’re going to be able to avoid all closing costs and pay a simple transfer fee.
When it’s time to move you’ll need to talk to your lender, then you’ll pay your fee and any balance left on your current home will be shifted to your new home. So if, for example, you owe $20,000 on your $500,000 mortgage, only $20,000 will be transferred to the new home and you’ll have $450,000+ to buy a new home. No catches, just the ability to get the money you need to get into your next home. You will need to work with a Toronto mortgage broker though, because finding the right lender is the hard part.
What Kind of Lenders Have these Mortgages?
All kinds of lenders have these kinds of mortgages so you’re going to want to do some comparison shopping. Your conventional mortgage lender has them, private mortgage lenders have them, and when you work with us as your Toronto mortgage broker you’ll have all the help you need to get the right lender for you. Don’t let bad credit or other issues get in the way of having the portability you need to move from home to home.
Is a Portable Mortgage Right for You?
This really depends on your circumstances. If you don’t see yourself moving in the next 5 to 10 years it may be the wrong decision for you. You’re going to need to make sure you talk with us before you make a decision; we’re experienced Toronto mortgage brokers that will help you get the mortgage you need to keep moving forward. You don’t have to waste time with a normal mortgage that doesn’t work for you when there’s a world of options just waiting for you out there. Contact us today and see what we can do for you.
Also, visit our portable mortgage page today to learn more! http://www.homebasemortgages.ca/home-mortgages/portable/