You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.

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I have a one bedroom maisonette and find that i'm getting on okay. when i get married there will be two of us here with double the salary. is it better to move somehwere larger and get a larger mortgage or is it better to pay extra on this mortgage and try and clear some of it quickly before moving on?

I can tell you as a Long Term Single Parent, that it is FAR BETTER and was FAR BETTER for me to pay off and pay down the existing mortgage on the home I purchased rather than move on up to another property -- because ... I kept this home through out all the years I was on Active Duty, rented it out, and when I finally secured my Military Retirement -- NOW .. the home was within a few payments of being paid off in full - a REAL BLESSING considering that I had two young children to raise and DID Raise them to adulthood in the home. FAR, FAR better to repurpose your space, or if you can -- to build on and/or remodel to obtain additional room -- and that is ONLY of you have the existing property space to do so. IF NOT -- paying down the mortgage faster allows you to not just gain greater equity in your existing property, but also to have that as a Leverage in when you DO need to either move on up or remodel.

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Hi does anyone know if a mortgage company will allow you to transfer your mortgage deal if you want to sell your current property (i would be in negative equity) and transfer the debt to another lower value property? the reason i would like to do this is because i would like to move to another property and am worried that the price of my current place will fall in price further, so was hoping rather than just have the debt without being a home owner, move the existing mortgage to another property ...? i know if sounds complicated and may be a long shot but with the current climate i wondered if uk lenders were becoming more flexible?? thanks

NO - when you sell a house you have to pay off the mortgage and get a new one when you buy a new property - If you have negative equity - you have to negotiate with the lender on how you get out of the house - foreclosure, short sale, etc and anything other than fully paying off the mortgage will probably prevent you from getting another house right away

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A year ago we moved to ga from las vegas. had trouble selling the vegas home, so we kept it as a rental. we've now come to the end of our fixed term on that morgage. our morgage company is not willing to refinance because it is a rental. we are not making any money off of this home, and are desperate to either refinance or get out.

They financed it before, why not now? I use Wells Fargo as much as possible, which is only 10 units, but better then nothing. They are great.

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If an established business exists on a leased property (and will be moving into the new property after closing), can the lease payments be added back to the cash flow when determining the approval amount for loan? i will not renew my lease if i can find a nice piece of commercial property. i dont understand why not. to me it is like telling a renter interested in purchasing a home that their qualifying amount is based on their income after they pay their rent. it doesnt make sense. the only difference is that the business owner can take that expense off their taxes.

You need to state your question more clearly. Are you asking if the rent you currently pay would be considered part of the income of the buisiness? The answer would be yes. You have asked the question in a way that would be hard to understand.

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I have a property that i just put on the market and i'm ready to start looking for a new property where i'm moving to. i'd like to get prequalified, but am concerned that the debt and payment on my existing mortgage might affect how much i can prequalify for. does anyone know how this works?

not at all all you do is when contacting a lender tell them your home is for sale they do a conditional aproval its very easy. your approval would be a piece of cake!

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I have a 95% mortgage which dont exist these days. i have recently come to the end of the fixed rate which was really high and i am now on the svr. i am thinking of moving to a different city, if i did could transfer this mortgage across to a different property of around the same value so i still had a 95% mortgage and was paying the svr? forgot to say im in the uk

No, you can't. When you sell a property, all liens must satisfied.

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Hi guys, need your comments and expertise on getting a second mortgage please? i own a house with my sister (50/50) and i want to move out but my sister cannot afford to buy me out and we don't want to sell right now as house prices are low. i am intending to buy another house for myself to live in (i have a deposit), but the problem is i cant seem to obtain a new mortgage without taking my name off the existing one. the problem with that is that my sister is separated, but not legally. there is a possibility of her hubby claiming her estate when they start legal proceedings and if i take my name off it would look like she owns 50% of the equity which she obviously doesn't. so my name needs to stay there, i will also continue to contribute half the mortgage payments for the existing property to make it easier financially when we do come to sell it. i can afford half the mortgage on the existing house and the full mortgage on a new property (due to half the mortgage paid off on existing one and me buying a little repossession house). my existing lender who i spoke to yesterday will not do the deal, without me coming off the existing mortgage. i have a few appointments tomorrow (one with estate agent's mortgage adviser and 2 with my banks), but today i am trying to do my homework researching all possible options. any comments and advice will be most welcome. thank you very much everyone

1. If YOU get a new mortgage, SHE is not buying you out. 2. She DOES own 50% of the equity. 3. She would be better off refinancing the ENTIRE mortgage and getting cash out for your half of the equity. 4. Her 'informal' separation is NOT an issue. Any claim her husband makes is the same regardless of how you structure this deal. What your lender tried to tell you is you don't HAVE any options that you LIKE. Expect to be told essentially the same thing at your appointments tomorrow as you have already been told by your current lender.

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With the current real estate market, my wife and i want to move back home, but our current house is worth less than what we owe on it. i was approved for a new loan while holding my existing one...i want to buy that new home...and try to rent my existing one out. i am trying to see what will happens if i am unable to make the payments on this rental property.... can i short sale it, and still protect myself in my new home? can i transfer the left over debt/amount over to my new home mortgage? (same lender) what to do? i am trying to cover all my bases thanks for any help you can send my way

When you signed your loan docs you offered your current house as collateral. Any subsequent house you buy is not a part of that collateral therefore your lender for the current house will have no reason to come after your for any collateral not signed for on the loan docs. The foreclosure procedure used by your lender will determine if they will attempt to come after you for a deficiency judgment. Look at the loan docs you signed when you got your mortgage loan. The lender outlined under what procedure he would foreclose on the collateral if you fail to make your monthly mortgage payment. There are two types of foreclosure #1 Non-judicial foreclosure. Under this procedure they would not normally attempt to come after your for any reason. The end of this procedure would result in the lender selling the property at a foreclosure sale or taking the property as a REO because no one purchased the property. They will then contract a real estate firm to sell the property for the, #2 Judicial foreclosure. Under this procedure the lender could come after you for a deficiency judgment, but probably will not as they would have to go through a court procedure to secure this judgment causing them excessive legal fees, if you fought it in bankruptcy court it would cost them more legal fees. So most just write off any loss and sell the house even if they use the judicial foreclosure procedure. There is no transfer of any balance to a new loan. In order for this to happen you would have to use the same lender and your house value would have to be able to accommodate the added money. Lenders only lend money based on the value of the house you are using as collateral. Since you have been approved for a new loan, continue down that path. If you are able to rent the old place or get a short sale all well and good, that is an admirable trait, if not then there are procedures set up for these type things let the process take care of itself. Your credit will take a hit, but you will already have your new home. The credit hit will be less and less as the years go by. Just continue to make the payments on your new home and any credit cards you might have. Three years later if you have made your monthly mortgage on time as well as your other debts things should work out. There are somethings beyond our control. Control what you can and let the rest take care of themselves. I hope this has been of some use to you, good luck. "FIGHT ON"

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Are life isn't how we want it.do we really have to wait until his daughter is 16 years old before he gets his share of the house? we cannot get a mortgage because he already has one!!! we are renting a property at the moment..please help.he has been separated now for 4 years and divorced,he has 2 daughters which he pays maintenance for.he went through mediation with his ex wife and agreed to pay not csa but a direct debit of the csa amount to her bank account so she could pay the mortgage..otherwise she wouldn't of been able to afford the property.the problem we face now is we cannot get a mortgage ourselves because he already has one..we have a son now of 2 years,we just want to start our lives but cant see a way forward.surely if he stops paying the direct debit and pays csa instead as she cant afford the house,the property would be repossessed and my partner wouldn't be able to buy another property anyway.! his ex wife has a new partner too.he has his own property,so between them there laughing really..we understand if they move into each others or get married we would be in titled to our share..but i feel they will hold back on this just to see us suffer.please help me understand our rights.

The place to look for your answer is the court papers from when your partner's divorce was finalised. All these issues should have been resolved at the time and a determination issued. Orders like this come in two types - either in "full and final settlement" or one that can be revisited when circumstances change. If your partner's is the former, then there is nothing that can be done. If it's the latter, then an application can be made to the court to have terms varied. This will involve the payment of a court fee and, if you use one, paying a solicitor's bill (although you may be able to do it yourselves). As an alternative, if your partner and his ex are still civil with each other, they might be able to work out a compromise.