Hello Lemuel. If you are selling and buying porting your mortgage is one of your options. Porting is the process of moving your mortgage from one property to another. There are 3 different types of ports that can happen when you sell a home and buy another. Each one different. Your mortgage can be either a straight port, port-increase, or port-decrease. The simplest is the straight port where you are moving your mortgage from one property to another with the same amount of mortgage. The rate, remaining term, and amount stay the same, no penalties involved and the process is straightforward as there is no new money involved. The second option is a port increase where you need extra funds for the new home, (this is usually the case if you are buying a more expensive home and have less down payment) In this case the remaining mortgage term is moved to the new property, the mortgage amount is increased and finally the interest rate is blended with today`s available rates. If the rates available today are lower than your interest rate then your rate will be blended and reduced, if the rates are higher today your rate will be blended and increased. I can do a rough calculation for you if you like, see my contact info at the bottom of the reply. The final port is the port-decrease. In this case you need less mortgage than the remaining mortgage amount you currently have. Your mortgage term, and rate get moved to the new property only the mortgage amount is reduced. There may be a penalty involved in this reduction of mortgage. If you are reducing your mortgage amount by greater than the allowable yearly prepayment options that you have signed for on your mortgage documents you may be charged a penalty for the extra reduction. There is one more option that one can consider, if your bank is not going to offer you a good rate on your port (they already got you so they often don`t) then you can always consider a new mortgage at another lender at full discount. It may save you more than your penalty to break, the calculations often tell the tale if it is worth it. I can do these calculations for you if you like and get you information on the lowest rates available today. I hope this information has helped you Lemuel. I can go into more detail if you like, explain further, and do some rough calculations, no obligation if you like. Please don`t hesitate to contact me: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 what you call bridge financing to allow for the purchase of the new house . Unless your old house is selling or closing at a specific date, they will not fund the new house. In the meantime you would have 2 mortgages, 1 for the new property - with interest only payments (bridge) and one for the old - full P I. It is always prudent to sell first before buying as this creates additional cost. You can also rent one of the properties if you plan to keep it longer.

Yes you can, when transferring your mortgage to another property its called mortgage porting and is a well known process with the lenders.

Powered by

I imagine you would if there was excess. But don’t forget, the bank has to get their money and fees and extra charges as do the bank’s lawyers and the auctioneer. Don’t count on getting much money back.

Powered by

Hi, my wife is us citizen, i am living in canada and have a rental property and my own property in which i am living with my family at the time being. i will be moving to us soon and leaving my property for my parents to live in and i will be paying mortgage for them while i am working in us by sending money back to canada, should i do that or sell that house and let my parents rent somewhere else? what are the benefits, pro or con of either way? and should i also sell my rental property as well or should i consider keeping it for now and sell it later hope for housing value will going up in the future? (again, my properties are in toronto, canada). does us government charge tax on my properties in canada? thank you

Firstly, the US will tax your income from the properties you have in Canada for one if you have any rental income to show for it. I am assuming that you have only one property in Canada. That said, are you planning to buy a home in the US? Your home in Canada could be considered a vacation home, not an investment home. Now then, do your parents pay you rent? If the answer is yes, then I would let them pay the mortgage off for you. If not, I still suggest you keep the house. If you buy a home in the US, you could always take out a line of credit for the 20% down payment on a home. That way, you could avoid paying the PMI and the interest is tax deductable. Also, with the housing market the way it is, I would not sell now anyways. You would not get top dollar for your property. I cannot see any upsides to selling your house right now except to get some quick cash for it. Keep your house, get tax breaks from it, and if you want, sell it when the market gets better. Good luck with it.

Powered by

If i want to sell a house before my mortgage is up for renewal, approximately how much will the bank charge me to cancel the mortgage before my term is up? (canada if that helps)

You need to read your mortgage contract. If there is no penalty for early payoff, there will be no fees. When you sell a house, you don't really "cancel" the mortgage, you use the proceeds from the sale to pay off the mortgage. You get to keep the rest as profit. If you don't get enough from the sale to pay off the mortgage, you will need to continue making payments until it's paid off.

Powered by

With bush in office, and who appears to be so determined to ruin our econemy by his actions of an un-neccessary war, out of control gas prices (no wonder!!! he owns and is actively involved and is financially affected by whatever happens with gas prices) for which he can affect personal gain. since greenspan left office, we are all vulnerable to our self serving selfish president. i want to sell my home, and other investment properties, but feel trapped/stuck; because, everyone i have encountered feels as un-certain as i do, and affraid to make any long term commitments to mortgages, for fear of not seeing the end result of what our embarasement of president is going to do next to line his pockets and fulfill his own self needs. i want to invest into canada or mexico. not comfortable investing in the us any longer. back to my question....how do i sell my real estate in a country with such an un-certain future???

Find a sucker to buy them. It's just like the stock market, someone HAS to lose.

Powered by

My friend's house has been sold while he/she was in a different country. he/she had a mortgage on the house before leaving but the house was not under his/her name but the realtor who he/she bought from. now the realtor who sold the house does not show up and also there was furniture and computer equipment left inside the house belonging to my friend (about $700 value). how does my friend claim it back? this is in on, canada by the way.

I am buying a house (today!). In my contract, I have named the "moveables" I want, namely the fridge, stove, and so on. Generally, things that are moveable are named in the contract. However, in this case, the usual "possession is 9/10's of the law" might come into play. The new owners may well want the stuff gone. I would move very quickly before they sell it or throw it away. Likely, they will give it up. I am not sure they are legally required to, but I expect they would anyway. If not, there may be a case against the realtor how sold the house without making provision for the things in it. (I am in Ontario.)

Powered by

If i can make back enough money from selling my house to pay off all my outstanding debts, will i be in a good enough position to qualify for another mortgage with a hefty down payment(in canada)

Y E S, available to guide you for free

Powered by

Were originally from portugal but we moved to canada in 2000 but we never sold the house we had back in portugal. the house is right beside my grandparents and they own a big farm and so my dad owns have the farm but they manage it since were away. we were renting it out to a family but they moved out to go to a different country as well. so right now no one lives in it. my dad is always sending in money to my grand parents so they hire people to upgrade it (we put in a big gate in front of the house, painted the walls, upgraded some of the appliances and put in some hardware floors). i don't know why he wants to keep it but my mom and i feel like we should sell it since its probably worth 600k in cad. my mom has always wanted to open up her own bakery and move houses so we could use that 600k to do whatever. but my dad says he doesn't want to sell it. he's also paying to mortgages so it is expensive right now but he doesn't care.

Callum What I can't understand is - what business is it of yours? Your father is paying for this undoubtedly for ancestral and roots-type 'family tree' reasons and this is of sentimental value to him. It could be that he harbours dreams of returning there one day when he is retired. Have you thought of actually discussing this with him, to find out his inner feelings and wishes? It could be that this house represents very deep emotions forhim which you are unaware of. Please do not pressure people into something which you know possibly very little about as a much younger person. People of previous generations went through a great deal during or before the war - is there any possibility that this house belonged to your grandparents under drastic conditions etc? Find out before you make judgements.

Powered by

Hi, i'm a sponsor of my parents to canada, the contract i signed with the government is to support them for 10 years, they are in their 7th year in canada, now i am leaving the country and move to us due to my marriage, since i don't live in canada to support them, can they apply for welfare? i keep my house here in canada so they can live in, will that affect their eligibility as i still have a house for them to live in? and in the future, if i sell the house, will there be a problem since they might questioning that why couldn't i support them when i still have the property and paying mortgage for this property in canada? any advice on this situation will be greatly appreciate. thank you

You need to check with Canadian immigration. If you agreed to support your parents for 10 years in Canada, that obligation is still there, even if you are moving to the US. You can support them from there. Are your parents Canadian citizens now or permanent residents? That may make a difference.