How do I port a mortgage in ING Direct to a lower mortgage amount?

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anonymous

I am moving to a new place where I save 150,000. My current mortgage with ING is 453,400 and I only need 350,000. Will they port my mortgage? How much will it cost?

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	Q. If i port and exsisting mortgage to a new house and need to borrow more money do i need a down payment for the whole amount or just the new amount?
	If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase. This answer closely relates to: Porting a mortgage for a lower mortgage amount Can i port my mortgage if the amount needed is lower than my existing mortgage? Porting my mortgage when the purchase price of the new property is less than the exisiting mortgage amount? Ing mortgage can be ported I just paid off my mortgage and want to use the equity to purchase a second home alberta? Can a mortgage be ported for purchase of next property versus paying a default fee? Porting a mortgage ing Is a down payment required when porting your mortgage to new home? How much down payment needed to purchase second home in ontario? Comment Reply Report 1 0

Q. If you have an existing mortgage and wish to port your higher mortgage for a new home do you pay for cmhc insurance on the whole new amount of the mor?

"The difference between the new and current mortgage being ported...."

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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