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.

As long as there is not too much time between the sale of your existing home and the purchase of the new home most lenders will allow you to port the mortgage. In other-words you keep your existing mortgage and add the extra funds you need to buy the new house on top. The interest rate is a blend between what you have already and the rate at the time for the extra money you need. Now you have one mortgage amount, a blended rate, one mortgage payment and a new house!! -Abraham Niyazi - Easyrate.ca x 115

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i need to get out of my house, it is a money trap. we owe $70,000. we need a new well which will cost us approx $20,000. we run out of water every day. i don't think our credit is good enough to qualify for a new mortgage (if we could somehow sell our house). any suggestions????

credit-report-free.totalh.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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Can you sell a house that you bought on mortgage, even when the whole mortgage hasnt been paid off?

I presume you mean can a home be sold before the mortgage period is over. So if you have a 30 year mortgage, you're asking if you can sell the home in the 5th year? Absolutely. Probably most sellers who sell their home have an outstanding mortgage loan on the property . That balance would be paid to the lender with money from the sale. You would not be able to sell the home and keep the mortgage outstanding.

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I have a 30 year fixed at 4% (yes you read that right, it is fixed and it is four percent) i want to know if i sell in a few years can i keep that when buying my next house if the mortgage is exactly the same? i really dont ever want to lose that interest rate.

Technically no because the mortgage if for the particular property you are buying. If you change the property you will need a new mortgage. You can however talk to the bank about rolling over your rate when you get closer to selling.

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I am trying to sell my house quickly and i would like to know if there is another way besides listing it for sale and following the process of showing in and accepting offers from buyers.

lenders dont buy homes....private investors do.

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I am a first time buyer. i am unclear as how the selling process works if you want to sell your house before your mortgage is paid off. (ex. "i have $500,000.00 left on my mortgage and my house is now worth $600,000.00. can i sell my house and make a $100,000.00 profit???)

Few people can afford to pay off their mortgage before they sell. Normally it's done at closing. Proceeds from sale are used to pay off any debts, lien, taxes so that title can pass without issue. And No you dont have $100,000 profit. You are probably getting back your down payment, and possibly a little profit. Some people are LOSING money right now on loans they couldnt afford to begin with: ie, bought house for $700,000, owe $500,000 house now worth $600,000. Loss = $100,000 Cost minus Down Payment = Mortgage Amount

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What happens if you default on a mortgage and they sell your house for more than you owe? say the band sells your house for $300k, and you only have $50k left on the mortgage. do you get your $250k?

Yes. After all expenses, late payments, late payment fees, etc. you get what is left over.

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I have a $102,000 mortgage and i'm trying to sell my house (despite the poor market). we have picked out a $115,000 house that we would like to buy when ours sells. will my lender require us to pay them off when we sell our house or will we be able to use the money we make off our sale and just purchase the new home and continue making our normal monthly payment?

you'll probably have to pay off the 1st mortgage and use the profit as a down payment on a new mortgage,

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My fiance is cheating & he & i are splitting and he told me i have to get out with my kids. my name is on the deed but it is not on the mortgage. can he sell the house without my consent?

No he can not sell the property without your permission and agreement. As a matter of fact he technically can not even list the property for sale without your agreement. Important things to note. How is the property held? This means how is it titled? Are you Joint Tenants, are you Tenants by the Entirety, are you Tenants in Common? Depending on how you hold title to the property will lend more insight and weight to the situation. If I can answer you further please let me know. I can be reached at Arnie@ArnieOsborn.com

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I have about $40,000 left on my mortgage to pay off which will probably take 4-5 yrs. within probably the next 10 yrs i would like to sell this house and buy a bigger one. what difference would it make if i paid it off in 4 yrs or if i left it unpaid during the selling process? either way i would have to pay it off right?

even if you don't sell the house it would be better to pay it off if it does not put any financial strain on you. I am a loan officer and i can tell you that the amount of interest you pay over the course of a loan is HUGE. Also, when you sell your house your mortgage is automatically payed off with the proceeds from the sale. the bank has what is called a lien on your home. The lien means that until you have that loan payed off you cannot refi or sell the home. In short when you sell or refinance your home the lien/mortgage is paid automatically.