You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.

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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My mortgage rate has increased 4 times in 6 months and i'm now paying well over the odds for the property. i don't want to re-mortgage, i'm looking to find out if i can transfer my mortgage basically like for like to another provider which will have a cheaper rate.

Depending on which country you are in, there may be penalties for redeeming your existing mortgage early. Check with your current lender for this and ask them for a redemption figure. This will show a breakdown of everything you owe. Then, if you have established there are no early redemption penalties, go and see a bank that provides ADVICE on mortgages and can help find one that suits your circumstances. It is worth visiting a bank for the advice then shopping around for the cheapest equivalent product. When you have your product, you need to ensure that you meet the providers lending criteria (ie, you earn enough money and you are not credit impaired). The provider will quite often do a credit check to determine this. On application for a remortgage your property will be valued and they will need to use a solicitor to place a charge on your property in favour of them. If you are thinking of doing any home improvements etc.. think about whether or not you want to borrow that money at this stage to avoid costs later on. (The adviser should be able to tell you wether this would be in your best interests) Alternatively, call your existing mortgage provider and ask if they have a more competitive rate you can switch to. I would like to point out, that under no circumstances have I advised on any products or features of specific mortgages in this posting.

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Had enough for the deposit but can't afford condo mortgage/tax/insurance/maintanence fee by any normal means. price has risen last 1 1/2 year but afraid of bubble. location is right across from american airlines arena, port of miami, and near new performing arts center. question is mainly will foreign investors be strong enough to keep prices high and possibly increase rent enough to cover mortagage payment. other reason being builder would take 8% of sales price prior to completion and issuance of mortgage on my byhalf. interested in any incite or comments, many thanks.

call a local realtor. ask for their professional opinion. a good realtor will have the info you seek. go to www.weichert.com click on link for agents/offices. tell them dan roemer from weichert in frisco texas referred you.