Easy Rate QnA forum: Ask any question...
Home
Ask your question fast!
Question

Question Detail (required)


Login or Signup Now




Username:

Password:


 Create Account
Lost Password

Leader Board
Leading ExpertsCredits
1.MortgageEnde11842Level 7
2.ANiyazi4816Level 5
3.mortgagepro4496Level 5
4.carrielawlor1676Level 4
5.MortgageManC1105Level 3
6.t_cameron76558Level 2
7.admingal1975519Level 2
8.khourypa362Level 2
9.Pattymurph341Level 2
10.Flip307Level 2
11.propertysold264Level 2
12.Magan245Level 1
13.michaels4316245Level 1
14.Ron244Level 1
15.Tristan238Level 1
16.Ned238Level 1
17.geoff12345237Level 1
18.ConsumerProt234Level 1
19.Shirly232Level 1
20.Tracey228Level 1
21.Charlie218Level 1
22.Desperatewif213Level 1
23.Jennette206Level 1
24.Alejandra201Level 1
25.Eusebio 199Level 1
View all

Categories





How do I port my mortgage if the amount of mortgage I need on the other property is 60,000 higher?

 
Answer
Subscribe
 
Report Abuse
   



Vote:
Asked by
anonymous


Can I obtain a second mortgage on the balance? Is there a better solution?
0     In Mortgage Cont.03

Industry Experts


    + Add Expert
     

    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.

    Comment
    Reply
    Report


    1 0
      

     

    Q. Can i port my mortgage to another property and get a second mortgage on the balance?


    yes, or get a heloc for the difference. Hopefully your lender offers them

    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.

    Comment
    Reply
    Report


    0 0
      

     
    Add your answer/comments in just seconds. No signup necessary.
    Just put your answer in the box below and hit Save.

    Yes, also subscribe me to this question so I can follow the discussion




    Can you help us by answering one of these related questions?
    1. When you port a mortgage to a new property do you have to do credit checks?
    2. If i want to port my mortgage over to a more expensive property do i need a deposit?
    3. How much of a penalty will i pay if i port my mortgage to a less expensive property?
    4. Can i port a mortgage to a lower price property?
    5. What info does the bank need to port a mortgage to another property?
    6. Can i port my mortgage and get a 2nd mortgate to finance a new property?
    7. Do they credit check when i port my mortgage uk for cheaper property?
    8. Can you port a mortgage to a new construction if you have not yet sold your current property?
    9. What happens to the monetary difference when one `port decreases` a mortgage? for example, i have a mortgage of 250k and would like to purchase a home?
    10. Is a ported mortgage just rate that you port or balance left on mortgage?

    We need your help! Please help us improve our content by removing questions that are essentially the same and merging them into this question. Please tell us which questions below are the same as this one:

    Q: How do i port my mortgage if the amount of mortgage i need on the other property is 60,000 higher?
     

    © 2009-2011 Easyrate.ca Answers Community, All Rights Reserved.
    Need more answers to your questions? Search for answers at:
    PanamaREALS | NeWorldRealty - Investments | IDoWeb - General