Benefits of Mortgage Portability?
Are you considering a move?
What are the benefits of mortgage portability?
It's wise to begin by talking with a mortgage broker or mortgage agent. You're about to take a big step and you'll want some advice from an expert.
My best advice is to begin with a no-cost conversation and explore your options!
With access to multiple lenders, I can help you find the best rates and best mortgage options to help you buy your dream real estate property.
I know that for many Canadian families their first home is not their last home.
Most lenders have a portability feature, which allows you to transfer your original mortgage to a new property, preserving a low interest rate and saving the cost of setting up a new mortgage.
If you decide to port your mortgage to a new home and your mortgage is insured by Genworth Canada, you will be able to port the mortgage default insurance as well. This will allow you to save on future insurance premiums.
Now, borrowers with a Genworth-insured mortgage can save on the costs associated with a new mortgage by taking advantage of their lender's mortgage portability plan and "port" the mortgage default insurance.
Acceptable Loan Purpose & Applicable Loan-To-Value Limits:
- Purchase transactions: 95% LTV
- Property value ≤ $500,000 - 5% down payment required
- Property value > $500,000 and < $1,000,000 - 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000
- Insurance may be ported to a new property for up to a maximum or six (6) months after the closing date of the currently insured mortgaged property.