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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One house is 2 years old (rental) the other is 5 months old (primary). the payments are basically the same. their's no equaty in neither of them because the housing market went down. if i sell one, the value is less than what i owed the mortage company. what is the best thing to do: pre-foreclose, foreclose or deed-in-lieu?

either way, this will explain. http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html

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Me and my partner have had a mortgage together for almost 4 years and we have 2 little gilrs under the age of three. i have found out recently that he has been textin other girls and also he drinks a lot so at the moment he is stayin with his mum. he pays for the mortgage and all the bills so this isn't practical but i only work 22 hours a week and earn nowhere near enough to keep the house on by myself. i think it is agreed that we should sell the house, but it will take years and we are in negative equaty. i just want to go but no idea where i can go or what i can do. im assuming i can't get much benefits or a house as they will see it as i already have one. anyone know what i can do?

Well you could always come to hawaii!. It's a great place for kids. If you don't want all the hustle and bustle the big island of hawaii is the best place for you and your child. First you need to sell the house to pay all your bills to be able to do this. Make sure you get a good price to cover all this. Believe me their are still lots of people out their that will pay a good price for homes. Keep on searching also look at your states help sections like welfare if need to, they will help with food or even financial aid if you qualify. But get rid of the house or even rent it out if you have to just to make ends meet. Would even be better if you could get him to buy you out. Drinking is a small part of it. If he loves you then alcohol should not matter. Don't get me wrong it makes a lot of relationships go south but their are some guys that drink and never pull stuff like that, meaning looking for greener pastures. At least he still pays the bills. Now all you have to do is get the start up money to here get you situated and find a job not to hard if your willing to work. you can get help for child care finacial help for rent also food stamps for food as in any other state. But before you leave you need to take care of custody and stipulations. Your going to have to make it work for you where ever you decide to go as far as visitation rights, child support, etc. If you ever need a friend or more help contact me at kellbaculpo at yahoo. Thanks! and good luck!.