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What happens to the monetary difference when one `port decreases` a mortgage? For example, I have a mortgage of 250K and would like to purchase a home

 
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What happens to the monetary difference when one `port decreases` a mortgage? For example, I have a mortgage of 250K and would like to purchase a home worth 220K. What happens to the difference (30K)?
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    Level 7 - Professional
    MortgageEnder
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    Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.

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    Q: What happens to the monetary difference when one `port decreases` a mortgage? for example, i have a mortgage of 250k and would like to purchase a home?

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    Q: What happens to the monetary difference when one `port decreases` a mortgage? for example, i have a mortgage of 250k and would like to purchase a home?
    • If i port my mortgage can i keep the difference if cheaper?
     

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