HawthorneVillager.com

thought i would ask the mortgage pros here.

if i port my mortgage to a new property what are the general terms to complete the transaction. anything i should watch out for or be aware of. also, what if my mortgage amount is less. say from 300000 to 200000? is there any penalties and if so should i use my pre payment privelages first.

or should i close my mortgage and open a new one. i'm around the three and half % mark and 3 years left. are there better deals now or should i go variable? or just port?

thanks

Hi Escarpment View

If you port and the new mortgage is for a lesser amount you would likely pay the penalty on the difference....best check with your specific lender. If you take advantage of your pre payment priviledge you can reduce the penalty.

The only way to advise if you are better off porting or breaking the mortgage and starting over is to speak with you and review your existing mortgage.

If you would like to discuss feel free to give me a call....no obligation....I can be reached at 647-292-7597.

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com