You can port your mortgage to a new house which is a pretty easy step if you don`t require your mortgage to be higher then its is now. If your mortgage stays the same it as easy as filling out a few forms in the bank and sign them. The bank will request information on the new purchase total price and what is the downpayment you gave.

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(canada) heres the situation: i live in alberta and i share a mortgage with my live-in girlfriend (we are practically married considering) we currently owe $345k on our home with a 5.04% interest rate going into year 3 of our ownership. the quick math on this is roughly $1450.00 being paid in interest alone. so whats the problem you ask? i own a home in b.c. which is mortgage free and i'm currently renting it out but can move back in at any given time. the rental income covers half of our current mortgage. the place in bc is not as nice but quite livable nonetheless. the place in ab is down roughly 12% from what we paid back in 2007 and would likely sell for approx $339k on the market today, add your realtor fee's, lawyers fee's, and the $$$ loss we would take on the current value versus what we paid...your looking at quite a loss. clearly, we would still owe money on the current mortgage. the advice i'm looking for is should we hold out and hope the market rebounds (i gather a 12% rebound is unlikely) or take the current loss before it just becomes more & more. i personally think we should split before we just continue pouring money into a mortgage that we would be getting rid of (again, it's not like we are simply buying another place and transferring the mortgage) my gf on the other hand thinks we should hang on in hopes of the market rebounding and minimizing our losses.... what would you do?? any other advice related on the matter is much appreciated!! thanks to all in advance!

hang on the price will rebound