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.

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.

This video explains mortgage porting and what would be your options. The agent also talks about the penalties that might be associated if any. http://www.youtube.com/watch?v=XL542rhDAL8

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I listen to sentators and grovernors explain their views on prostitution despite illegalities within the justice system...why aren't we sueing for breach of contract on these contract held individuals instead of letting them take the money and run..? it is time to remember the number 9-11 as a system iniated by caring people to assist each other in a civilized manner instead of being raped of the initial process thru association of a date of espionage.....america needs to move on...i commend the persons who have constructed the electric car and hope louisiana will build plants to assist an area with ports not sold to dubai.. the world needs more problem solvers....mortgage crisis were appraisals made without proper inspections so would the value of a home stand valid in a court of law under new inspection certificates....board of health is attempting to do what they can by issueing warrants to slum lords defiling the government... was this wilmington's plan to extend monies ?i was this all based on invalid appraisals without an inspection of value, thru the credit card companies, banking institutes to generate impossible systems..based on what data ?wilmington has a little box and premiums that they take out when one becomes ill and disorganized yet their internal structure has become so inadequate they have the nerve to ask monies insurance premiums should covered for how many individuals believin in the system.now ill. louisiana is a land of opportunity lays barren from progress.which car company will use these ports to accelerate manufacturing of electric cars or will it all be import no export. jobs are important to feed our own people..we have demonstrated violence it was necessary and despite some views bush did not ignore the issues of protecting from outside sources of espionage. it is the inside sources we need to disect..ethics ,morals and bank errors seem to be out new dragons and when the stock markdrops another dragon is slayed? catch 2 this super structure was built on fraud and greed and now needs to be re organized by qualified inspectors licensed to do such appraisals . we can't just make up numbers that are irrelevent to the economy!!! is is catch 22 i am being censored.....does someone color change the problems or is someone going to audit the banks even with their time warped fees they take our every dime and tell us we are inadequate laborers.... what do you think?

I totally agree with you. If you check your state department of regulations and licenses, you will find the very regulations to penalize those institutions that committed fraud. Such as the Savings n Loans of the 80s' I say that those licensed CPA and Real Estate as well as all Line Agents get fined and penalized. They should also be audited, investigated thru the SEC within their respective employers and if necessary do time.