Can I port my Mortgage?

Do you think that when you port the mortgage if the mortgage amount or the term is the same then it would be easy to arranging a mortgage valuation on the new property, have the bank check a couple of things then assign the mortgage to the new address?

In today’s market place this is no longer the case.

With amortization periods lower, and lenders criteria of what they can now finance having tighter guidelines.  It effectively means you have to re-apply for the mortgage before you can move it over. All with tighter guidelines and rules than before.

Yes, the potential exists that you will be asked far more questions than you might have been previously.    The paper chasing you had to do when you first applied will have to be replicated and you might even need a couple more things this time!  

Before you get mad at your Calgary Mortgage Broker, for wanting more stuff, you have to remember that, when it comes to moving your current deal to a new property, you have to meet the lender's criteria at that specific point in time. So, while your situation might not have changed, their lending criteria might have become much stricter, which means you may no longer be eligible to transport your mortgage over.

What should I do if they won’t port me?

Sadly, early redemption penalties would apply and your best bet is to move lenders, just don’t move at all.

While the big banks market share is decreasing as a result of these changes the companies that service clients with a slightly more lack underwriting rules have taken these clients and have moved in excess of 5% up the market share ladder, which in terms of dollars and cents are big moves considering the amount of total Mortgage debt in Canada is sitting at over 1 Trillion Dollars

Porting a mortgage is no longer an easy choice to be taken lightly without considering the repercussions.  Talk to a Calgary Mortgage Broker to see what your best course of action is.