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Is there a set amount of time where a bank who holds my mortgage does not allow mortgage porting?

 
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anonymous


I bought a home 3 month ago, I renovated it and built a basement. Through some of my friends I met a couple who really loved my home and gave me an amazing offer where I can make 100k plus on the deal. Plus there are no agents involved because we were introduced through friends. Can I sell my home and port my mortgage to a different place?
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    Q. What happens when the bank denies mortgage porting for me?


    If the bank denies your mortgage porting the only other option you have is to cancel your current mortgage and pay 3 month worth of interest payment. You will pay $18,287.66 to break your mortgage (calculated based on Interest Rate Differential as of January 11, 2011). This is a huge penalty and you should not break your mortgage now. You will save on a long term if you cancel and move to a 3.69% interest rate but you will need to pay 18,000 to break the current mortgage.

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