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When you port a mortgage do you need 5 on the extra amount or the full mortgage

 
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Maynard


When you port a mortgage do you need 5 on the extra amount or the full mortgage? Thank you for your help.
0     In Mortgage Cont.17

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    Q. If i port and exsisting mortgage to a new house and need to borrow more money do i need a down payment for the whole amount or just the new amount?


    If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

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    Q. If you have an existing mortgage and wish to port your higher mortgage for a new home do you pay for cmhc insurance on the whole new amount of the mor?


    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.

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    Q. If you port your mortgage for the same amount do you require a down payment?


    Is porting down a mortgage (to a lower value) the same as buy down the interest rate on a mortgage

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