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.

Hello Percy, porting your mortgage is relatively simple but there are a few small details that you have to be aware of. Calculations for the new interest rate, calculations for porting your mortgage insurance, and making sure you get approved for the higher amount. Your bank is capable of doing this for you but there are ways to save you money that the general bank staff are not trained on. There are tricks and guidelines that are only available to those with experience with ports. I have been in the Mortgage Industry for over 10 years and I am sure I can help you with your port. I work with all the major lenders and 20 other secondary lenders across Canada. Give me a call at any time 1-866-728-3708 x 115 - Abraham Niyazi - Mortgage Agent - Lic# M08010640