If i port an existing mortgage where does the money i made from the sale of my house go

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anonymous

If i port an existing mortgage where does the money i made from the sale of my house go?

In Mortgage Cont.07

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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 mortgage money made from sale Porting my mortgage when the purchase price of the new property is less than the exisiting mortgage amount? When porting a mortgage it transfer to a new house with the money you make the sale of your old house can you pay off the porting mortgage to the new? 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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Q. When i buy a new house can i keep my existing mortgage?

"You can port a mortgage to another property if you want..."

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.

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Q: If i port an existing mortgage where does the money i made from the sale of my house go?

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