Hello Maynard, the purchase of the new property will require a 5% minimum down payment. Porting your mortgage from your existing property can be done to the new property and increased or decreased accordingly to match the amount of funds you need to close the deal. One thing to remember is that you may have paid the one time Mortgage insurance fee when you bought your first property. The fee was based on the amount of down payment you placed to begin with. In order to avoid paying a whole new premium you must make sure that you do not exceed that original Loan to Value. i.e. if you took a 90% mortgage the first time you must stay below or equal to 90% on the new mortgage to avoid paying a full mortgage default insurance again. You will only be charged a premium on the new funds you borrow in this case, much cheaper! There are other factors to keep in mind and I can go over them if you like in detail, give me a call. Each situation is different and It gets quite complicated if I were to lay out every possible scenario on this reply. I am available to answer questions with no obligation to you or any reader interested. Give me a call: Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

This is the best answer for your question. You can port a mortgage to another property if you want to sell your current home and buy another one. Its called port a mortgage and is a widely used option.

How_to_port_a_mortgage-qna122529.html