Hello Maynard. Your question is a common one but very often not explained by your bank. The reason for the port in the first place is that there is an agreement in place (between you and the lender) for a mortgage amount, term and interest rate that has not yet expired. That agreement must be honored by both sides or there may be penalties to be paid for breaking it. There are 3 different types of ports that can happen when you sell a home and buy another. Each one different. Your mortgage can be either a straight port, port-increase, or port-decrease. The simplest is the straight port where you are moving your mortgage from one property to another with the same amount of mortgage. The rate, remaining term, and amount stay the same, no penalties involved and the process is straightforward as there is no new money involved. The second option is a port increase where you need extra funds for the new home, (this is usually the case if you are buying a more expensive home and have less down payment) In this case the remaining mortgage term is moved to the new property, the mortgage amount is increased and finally the interest rate is blended with today`s available rates. If the rates available today are lower than your interest rate then your rate will be blended and reduced, if the rates are higher today your rate will be blended and increased. I can do a rough calculation for you if you like, see my contact info at the bottom of the reply. The final port is the port-decrease. In this case you need less mortgage than the remaining mortgage amount you currently have. Your mortgage term, and rate get moved to the new property only the mortgage amount is reduced. There may be a penalty involved in this reduction of mortgage. If you are reducing your mortgage amount by greater than the allowable yearly prepayment options that you have signed for on your mortgage documents you may be charged a penalty for the extra reduction. There is one more option that one can consider, if your bank is not going to offer you a good rate on your port (they already got you so they often dont) then you can always consider a new mortgage at another lender at full discount. It may save you more than your penalty to break, the calculations often tell the tale if it is worth it. I hope this information has helped you Maynard. I can go into more detail if you like, explain further, and do some rough calculations, no obligation if you like. Please don`t hesitate to contact me:Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

Hello Again Roma, the down payment on the new property is really up to you and how much you can afford or are willing to `place down` on the purchase. There are however a few things to remember though. If you need less money for the new mortgage you can port-decrease your mortgage, which basically means your mortgage rate and term remain the same and move to the new property. The mortgage amount will be less and it should not cost you any penalty unless your mortgage decreases more than the allowable yearly pre-payment privilege specified in your original mortgage agreement (0-25% depending on the lender). A straight port will mean you are putting enough down payment so that you only need the bank to provide you with the exact amount remaining on your current mortgage. No change on your mortgage balance, your remaining term or your interest rates and no penalty required. If you are porting and increasing the mortgage you need then your term will remain the same, the mortgage amount will increase and the interest rate will be blended with the rates that are available today. I hope this helps Roma. I can do a rough blended calculation for you or any reader if you like, no obligation. Please give me call with any questions. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 Lenders/Banks and can do mortgages across Canada except Quebec.

Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.

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I purchased a home in port st. lucie, fl 2 years ago. it was a pre- construction opportunity that my brother got me into. we were supposed to sell it after a year to make some money. unfortunately, since the real estate market has fallen apart we couldn't sell it. we had to rent it out and after only 9 months the tenant who was not paying on time to begin with, decided that she couldn't afford to pay and broke the lease. the house is up for rent again in the mean time we have other bills to pay and are stuck with a mortgage that we basically can't afford. neither my brother or i can't move into the house due to the distance from our jobs. i really regret ever getting involved in that situation but i know that it's done and i have to deal with it. does anyone have any advice? what options do i have? i really don't want to lose my credit although i know it's almost inevitable at this time.

Hello - Find a tenant, even if you have to price it below the mortgage payment, at least something will be coming in. I would try to get both a security depositt and last months renupfrontnt. And a second job if needed in the short term to cover the rest. Good luck -

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Professional summary over 25 years experience in various phases of the construction industry, superior carpentry, installation skills and mechanical skills including vocational school training, on the job training and self education / sales and marketing skills applied in interior shutter, home inspection and moving industries / superior moving skills as well project management: hired as subcontractor to install atm’s in publix grocery stores from sebastian to miami for golden eagle implementation services / hired as subcontractor to measure, sell and install interior shutters for shutter resources through out the treasure coast of florida / hired as subcontractor to perform home inspections for accurate inspectors inc. from sebastian to boca raton / co- owner and foreman for hoopers metals inc. over saw metal framing crew for installation of interior framing of new homes / owner of the furniture men a moving company, managed a crew of 12 men oral and written communications: verbally communicated and delegated various duties to work force personnel, verbally communicated with customers, clients and representatives as to scheduling and other pertinent details / wrote numerous inventories, sales and billing invoices, filled out and filed hand written and typed all necessary forms and reports /submitted these forms and reports to appropriate dept. heads of staff, senior officials and superiors. rendered final decisions and directions on operational procedures when needed. leadership: highly regarded by superiors, colleagues and subordinates as a qualified leader with lead by example work ethics / set high performance standards for self and crew, including time management, work assignments and procedure compliance. exemplary oral, written skills and presentation skills and ability to communicate with all levels. experience: field inspector 04/2007 to present accurate inspectors inc. 40hr / wk p.o. box salary: $350 pw+ port orange, fl. supervisor: dave k telephone: 866-480- perform residential and commercial inspection for insurance company‘s, realtors, mortgage brokers and home owners •conduct exterior and interior visual inspection of roofing system geometry, tie downs structural integrity and overall condition •conduct visual inspection of air conditioning and heating units for age and overall condition physically test units for adequate performance •conduct visual inspection of plumbing fixtures, pipes, sinks, toilets, water heaters for leaks and physically check for proper operation •conduct visual inspection and physical testing of electrical system to make a determination of whether or not system is up to local code, grounded, type of wiring used, any unsafe wiring and if required outlets are gfi protected •conduct visual inspection of hurricane protection for proper installation, type of material and it’s quality for a windstorm mitigation inspection •collect data , report all defects and complete all necessary forms including submitting all required photos along with completed forms •communicate with superiors, colleagues, clients and customers for scheduling, report discrepancy’s, inquiries and relevant questions. •implementing and applying marketing, advertising and sales techniques via the internet, newspapers and personally performing door to door marketing mark field technician / salesman 01/2007 to 04/2007 shutterresources 40h/wk hwy 50 salary $1,000 pw orlando, fl. supervisor: jeff telephone: 407-568-8753 perform sales, installation and manage satellite warehouse for interior shutter company •perform sales presentation with customer in person / discuss styles, materials and prices •measure all requested openings for custom interior decorative plantation shutter’s •complete and submit all necessary sales form’s and dim

i will give you a 9.5

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Thousands of better schools - why can't the janitors and maintenance men fixed up the schools? lower electricity bills - why not turn off the light at school during night? health coverage for millions who lose insurance - why not tell health insurance companies to reduce health coverage price? why not give tax break to companies to hire more people? why worry about energy for housing, why not help lower the interest rate on mortgage? that is the kids' decisions if they want to improve their learning. federal building energy? what is that? what about the alternative fuel for cars? nobody wants to major in science. that is so boring. i fell asleep in astronomy class. many students failed in that class. 90 major ports? security for that? terrorists can still enter the country anyway. 3 or 4 million jobs to create - why not create 40 million jobs?

that's not enough to pay off our debt. How do you pay off debt with debt, by the way? It's much more complicated than those questions you posed. I agree with you on many of those things, but what you fail to realize is that this stimulus money is supposed to do those very things.

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Professional summary over 25 years experience in various phases of the construction industry, superior carpentry, installation skills and mechanical skills including vocational school training, on the job training and self education / sales and marketing skills applied in interior shutter, home inspection and moving industries / superior moving skills as well project management: hired as subcontractor to install atm’s in publix grocery stores from sebastian to miami for golden eagle implementation services / hired as subcontractor to measure, sell and install interior shutters for shutter resources through out the treasure coast of florida / hired as subcontractor to perform home inspections for accurate inspectors inc. from sebastian to boca raton / co- owner and foreman for hoopers metals inc. over saw metal framing crew for installation of interior framing of new homes / owner of the furniture men a moving company, managed a crew of 12 men oral and written communications: verbally communicated and delegated various duties to work force personnel, verbally communicated with customers, clients and representatives as to scheduling and other pertinent details / wrote numerous inventories, sales and billing invoices, filled out and filed hand written and typed all necessary forms and reports /submitted these forms and reports to appropriate dept. heads of staff, senior officials and superiors. rendered final decisions and directions on operational procedures when needed. leadership: highly regarded by superiors, colleagues and subordinates as a qualified leader with lead by example work ethics / set high performance standards for self and crew, including time management, work assignments and procedure compliance. exemplary oral, written skills and presentation skills and ability to communicate with all levels. experience: field inspector 04/2007 to present accurate inspectors inc. 40hr / wk p.o. box salary: $350 pw+ port orange, fl. supervisor: dave k telephone: 866-480- perform residential and commercial inspection for insurance company‘s, realtors, mortgage brokers and home owners •conduct exterior and interior visual inspection of roofing system geometry, tie downs structural integrity and overall condition •conduct visual inspection of air conditioning and heating units for age and overall condition physically test units for adequate performance •conduct visual inspection of plumbing fixtures, pipes, sinks, toilets, water heaters for leaks and physically check for proper operation •conduct visual inspection and physical testing of electrical system to make a determination of whether or not system is up to local code, grounded, type of wiring used, any unsafe wiring and if required outlets are gfi protected •conduct visual inspection of hurricane protection for proper installation, type of material and it’s quality for a windstorm mitigation inspection •collect data , report all defects and complete all necessary forms including submitting all required photos along with completed forms •communicate with superiors, colleagues, clients and customers for scheduling, report discrepancy’s, inquiries and relevant questions. •implementing and applying marketing, advertising and sales techniques via the internet, newspapers and personally performing door to door marketing mark field technician / salesman 01/2007 to 04/2007 shutterresources 40h/wk hwy 50 salary $1,000 pw orlando, fl. supervisor: jeff telephone: 407-568-8753 perform sales, installation and manage satellite warehouse for interior shutter company •perform sales presentation with customer in person / discuss styles, materials and prices •measure all requested openings for custom interior decorative plantation shutter’s •complete and submit all necessary sales form’s and dim

i will give you a 9.5