Porting Your Mortgage
When purchasing your home it is important to search out the best rates for your mortgage. You also need to consider other factors such as possible penalty fees if you decide to sell your home before the mortgage term is up. One way to avoid the potentially high costs of these fees is to port your mortgage. It is a good idea to have this feature included in your mortgage. Often times, life circumstances cause home owners to have to sell before they intended. Porting your mortgage simply means that you are transferring the debt owed on one property to another.
Below is a link to a blog post by fellow Century21 Realtor Reggie Duque, with Century 21 Millennium Inc. He has some great information for those who are shopping for a new mortgage.
It is always a good idea to enter any financial contract knowing all of your options beforehand. Research as much as possible and, as Reggie points out in his blog, be sure to talk with an experienced mortgage broker to go through all of your options.