Hello Again Roma, the down payment on the new property is really up to you and how much you can afford or are willing to `place down` on the purchase. There are however a few things to remember though. If you need less money for the new mortgage you can port-decrease your mortgage, which basically means your mortgage rate and term remain the same and move to the new property. The mortgage amount will be less and it should not cost you any penalty unless your mortgage decreases more than the allowable yearly pre-payment privilege specified in your original mortgage agreement (0-25% depending on the lender). A straight port will mean you are putting enough down payment so that you only need the bank to provide you with the exact amount remaining on your current mortgage. No change on your mortgage balance, your remaining term or your interest rates and no penalty required. If you are porting and increasing the mortgage you need then your term will remain the same, the mortgage amount will increase and the interest rate will be blended with the rates that are available today. I hope this helps Roma. I can do a rough blended calculation for you or any reader if you like, no obligation. Please give me call with any questions. 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 Lenders/Banks and can do mortgages across Canada except Quebec.

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.

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.

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Why have story contacts and story lines without additional info. they know people will try and contact someone especially when advertising a product or service that claims to help! i went searching right after the show to no avail, i came back looking tonight again!

www.mortgageport.com.au

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My mortgage rate has increased 4 times in 6 months and i'm now paying well over the odds for the property. i don't want to re-mortgage, i'm looking to find out if i can transfer my mortgage basically like for like to another provider which will have a cheaper rate.

Depending on which country you are in, there may be penalties for redeeming your existing mortgage early. Check with your current lender for this and ask them for a redemption figure. This will show a breakdown of everything you owe. Then, if you have established there are no early redemption penalties, go and see a bank that provides ADVICE on mortgages and can help find one that suits your circumstances. It is worth visiting a bank for the advice then shopping around for the cheapest equivalent product. When you have your product, you need to ensure that you meet the providers lending criteria (ie, you earn enough money and you are not credit impaired). The provider will quite often do a credit check to determine this. On application for a remortgage your property will be valued and they will need to use a solicitor to place a charge on your property in favour of them. If you are thinking of doing any home improvements etc.. think about whether or not you want to borrow that money at this stage to avoid costs later on. (The adviser should be able to tell you wether this would be in your best interests) Alternatively, call your existing mortgage provider and ask if they have a more competitive rate you can switch to. I would like to point out, that under no circumstances have I advised on any products or features of specific mortgages in this posting.

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www.mortgageport.com.au

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I have $330k left on this mortgage and we are trying to get a house for $430. because the mortgage is portable, do i still need to have 5% down payment. and as a side note, if i do need a down payment, can it just be worked into the ported mortgage meaning not having to scrounge around for the 5%?

Yes

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I'm 21 and looking to re-train, does anyone know if this is available in my area please? thanks.

try looking in the financial services press - www.moneymarketing.com has a job section which includes all the vacancies for mortgage advisers etc.

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And port the 90k mortgage to the new property . will i have 75k left to have fun with? or somewhere am i missing something obvious.

I'd say your missing your 3rd grade math. when you sell your 200k house you clear 110k, aka you have 110k to play with. you then buy a 215k house, so you would take the 110k you 'cleared' and have to take out a mort on your 215k house of the balance, aka 105k. I don't see a 75k number anywhere. if the bank that you owe 90k to lets you transfer the mort to the new house (never heard of that.) you still are 15k short to buy the new house (110k down payment + the 90k = 200k of a 215k house you want to buy.) I don't know how you do math though. I want your banker though if you walk away with 75k from this deal. edit: Oh!!! I see where you got the 75k from. Sorry when you sell the house for 200k you still owe the 90k on the first house. just because you rolled the 90k debt into the new house, doesn't mean the bank doesn't want its 90k, you still only have 110k equity credit from the first house sale. you don't get the full 200k from the sale of the house. In fact you don't even get the 110k (200-90) because the real estate agent is going to take 12k. so you are only going to see 98k of the first houses equity, and then you'll have to subtract lawyer fees, and I bet a whole bunch of other recording fees.

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We are selling our house and want to pay off part of the mortgage and transfer the rest to a smaller property. we have been told by mortgage adviser we should be able to do this but not sure how it works. if anyone knows about this would love to hear.

Never seen it done in VA, PA, or OH. Too much paperwork for something as simple as paying off one mortgage and financing a 2nd . I have seen modification done where the secured property was swapped out; but really rare and usually as a deed of exchange or a property line adjustment.

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In the mortgage brochure, there is a column illustrate about 'porting', the answer of that is 'yes'. so what is it referring to ?

In this context porting means transfering the loan amount (and possibly increasing it) and the same terms and conditions to a new property. You would still have to apply again, and pay all the normal valuation and search fees, but if you have a good deal you would be able to move and guarantee to keep it. This is especially useful if you have a long fixed term (or other deal that has penalty charges for early redemption) and suddenly find you have to move in a couple of years. If you could not port the mortgage you would have no choice but to pay off the old mortgage and pay the penalty. If you can port it you transfer the remaining fixed term etc to the new property.

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When i got advice from my mortgage advisor, i specifically asked for a mortgage that was portable as i was still contemplating moving. 3 months in and i have found a nice proprty, i rang the mortgage lendor who have now said i cannott port the mortgage for 9 months ( 12 months total). wouldnt be so bad but the early repayment charge is over 5 grand!

Suing him wont work unless you have it in writing that that was that you agreed to. What you can try is if the guy remembers you and the whole process it cause a big scene at the office and if they still wont help, do legal protects in which time the bad publicity might cut you a deal.