In Ontario, if you discharge your mortgage before it matures, you pay a penalty. However, if you reapply for a new mortgage within 90 days from discharging, you receive a portion of that back. I believe it is called "porting" your mortgage.

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I am trying to get a loan on a new property, but i still have a small mortgage on my current home. i don't want to lose out on the new house, but with some past credit issues (6 & 7 years ago issues), i cannot find someone to approve me for a loan while i still have a mortgage. how do i sell my current home and then "see" if i can get approved for my new home?

The problem must be that your available credit (the amount you can borrow from a lender) is not large enough to cover the amount of the mortgage on your current home and the mortgage on the home you want to borrow. It sounds like you've already looked into this and been told that the problem is a credit issue from 6-7 years back. That doesn't sound right and I would ask for more info on the problem. You are correct in wanting to sell your home first before buying another home. This is a smart way to go, especially if you are in an area where homes don't necessarily sell quickly. While you are selling your home, you can get fully approved for a mortgage on your new home and just schedule your closing for your new home just after the closing of your old home. This will allow the old mortgage to be paid off before you close on your new home and get your new mortgage. Your mortgage professional can arrange this for you. It should be no big deal and it is done all the time. At Quicken Loans we have what we call "Power Buyer" approval. This means that you are guaranteed that your home loan will close as long as the property gets a satisfactory title and appraisal, and your financial situation remains the same. It is much stronger than a pre-approval. Using Power Buyer (or something like it from another mortgage company), you know exactly how much mortgage you can qualify for and that you will qualify once you are ready. In other words, you will never have to "see" if you can get approved for your new home, as you put it. Getting fully approved should solve your problem. I would definitely look into it with your mortgage professional. Good luck with your situation!

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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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The note of the loan state i can make partial prepayment without penalty. new mortgage holder states they do not adhere to that policy and their software does not recognize partial prepayment. they are holding some payments for 10 business days before crediting account. loan was originated in nc and then sold to ny bank? is this legal???

Send them a copy of the contract. Plan on always taking a long time to process, they will not reprogram the computer. I have never heard of a lona where you can just pay what you feel like paying each month.

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I need to move in about 6 months, but my current mortgage has a nice 5.1% rate. if i sell my current house and buy a new house, i'd be in the 7% range, which means i have to get a smaller house. is there any options for me to keep this rate somehow? i know there are portable mortgages out there (etrade has one) that let you transfer your mortgage to another house, but i don't have this kind of mortgage. should i maybe keep this house and rent it out and just rent a place? any other suggestions?

Dear Navid: No. Your loan is secured by a mortgage on a particular piece of property. If it is assumable, it means that the person purchasing your home from you may be able to assume the balance of the mortgage, and continue paying the loan. You, as the seller, are no longer responsible for the mortgage payment. Not many lenders do this any more. Most assumable loans are FHA/VA. If you don't need to sell the house for a downpayment, you may want to consider renting it out. However, you'll now be responsible for 2 mortgage payments. Please note that most underwriting guidelines count only 75% of your rental income. I tried to look up a portable loan on E-trade. The information is 3 years old. I'm not sure if they still offer this program. When they offered it, there were some criteria that needed to be followed: 1. You need to have 20% down. 2. The loan was adjustable. 3. You hade to have a certain credit score. 4. The home had to be owner occupied. 5. You could only transfer the loan once. In addition, they noted that it did not have the lowest rate and was more of a loan offered to "provide peace of mind" I am sorry to say that I could not find more updated information on E-trades website and was on hold for over 5 minutes trying to get an answer. I hope this helps you. Please contact me at amkornele@yahoo.com. Best of Luck!! Anne

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I would like to buy another house i really liked, i bough my existing home 7 years ago and have a mortgage on it...is there a way to refinance my home now to get money for the down payment of the new home? the thing is that i don't really want to sell my current home just yet due to the obvious market conditions...any advice will be appreciated.

Depends on the value of your current home, your existing equity, how much you need and whether you would qualify for a second mortgage loan on top of the first. In order to take equity out of your current home, you would have to get a new appraisal and the balance on your existing mortgage would have to be under 80% of that appraisal. You could then take out the difference as either a refinance with money back or as a second mortgage. You would then have to make enough money to qualify for a new mortgage on the second home you would plan on buying.

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I don't know how much longer i can keep paying my other house. it is a rental and i have not collected rent for the past 12 months and have tried selling it twice with no success. if stop paying it and it sells for less than the mortgage will they put the balance on my current house and make me pay it back. my expenses right now are higher than my income and no bank wants to help me because i am not behind in payments.

Unless BOTH mortgages are with the same company AND you signed something specifically allowing deficiencies on the rental to be added to your home mortgage, it will not happen that way. If you had signed such a document, you would have known about it. The CAN sue you for any deficiency in most states. That means you will still owe the difference plus the cost of foreclosing. You should contact a GOOD Realtor and attempt to negotiate a 'short sale'. That basically means you convince the bank to accept what the house sells for and eat the loss.

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I am working with a couple of folks who are getting close to foreclosure. they don't have the money to buy it out, and i do. i was going to buy them out, make the payments until it sells, then make a deal about splitting up the equity. i have never done this, but this is what i heard. i was at a party where a mortgage broker deals with a lot of foreclosures. he says what he does is negotiates with the people being foreclosed on, they then quitclaim the deed to him and he records it with the county so that title is in his name. he then makes the mortgage current by paying all late fees and missed payments and leaves the mortgage in the name of the initial owners. has anyone heard of this, if so, where can i find more info as to how to go about it. this is in washington state, i know all states are different. anyone who has done this? thanks!

The answer is yes. I am a REALTOR and have gone through this process myself. I paid an attorney $275 to draw up a quitclaim deed because the mortgage was not assumable. You will also have to hire an attorney to draw up a contract to protect the both of you for when it sells. With the Quit Claim Deed your name is on the title and the mortgage is still in the previous owners name.

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We own a home right now, but we know we are going to need to sell it and purchase a new home around november of this year. can we apply now and be pre-approved for our next home before we sell the home we live in now, that we currently have a mortgage on? we are planning on putting our current home up for sale in about a month.

You should certainly try, because a pre-approval will help you negotiate with the seller. remember that no sale closes in less than 90 days even in a good market.