If i have 150000$ mortgage and sell my house for 150 000$ can i use the funds from the sale and port my mortgage to a new 300 000$ house while keeping a 150 000$?

Hello Maynard, porting a mortgage simply means that the bank will move your current balance, rate and term to a new property if you sell your home and buy a new one. When you sell your home the current mortgage gets paid to zero from the proceeds. When you buy your new home the bank will give the sellers exactly the same amount of money that was on your mortgage the day it was closed. Your question can be answered by comparing the purchase price of your new home with the remaining mortgage balance on your current mortgage. If the new home purchase price is higher you must pay the difference in down payment. You can Port and increase your current mortgage so you will have to put down less on the new home but the banks will still want at most 95% loan compared to your purchase price. I hope this helps Maynard, I would be happy to answer any questions for you or any reader on this or another topic, give me a call any time: 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 Banks/lenders and can do mortgages across Canada except Quebec.

Powered by

By andy kessler one of the cool things about being treasury secretary is that you get your signature on dollar bills, giving them authority, defending their honor. timothy geithner's plan to save the struggling banking system probably does the opposite, throwing good money after bad to a banking system struggling under the weight of its own mistakes. the markets don't like it. the dow dropped 382 points while bonds rallied as a port in a continuing storm. mr. geithner announced a three-point plan yesterday to "clean up and strengthen the nation's banks," and made a vague declaration to use "the full resources of the government to help bring down mortgage payments and to help reduce mortgage interest rates." unfortunately, those are conflicting plans. hence the markets' skepticism. http://online.wsj.com/article/sb123 431465155370931.html if he is so "brilliant", why didn't the market rally behind him? our cfo said that this plan was a joke.

(1) he knowingly cheated on his income taxes (2) what makes him brilliant, so far there is no evidence that he is (3) whats his plan? he looked like a spotlighted deer the day the DOW plummeted 380 points! immediately following his press conference! he has no plan!