We're thinking of relocating to my hometown. Our mortgage breakage fee is $7500 :(. Just wondering if anyone has relocated and "ported" their mortgage? The big problem is we probably wouldn't buy a house right away... UGH.
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ANyone?
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By ported do you mean move? Are you in Canada? These terms aren't very familiar to us. My husband works in the banking industry and deals with loans and is googling these terms trying to figure out what you're dealing with.
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@mediagirl: Oh! I didn't realize! Yes it means moving it to another house.
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I think I would ask your bank what the best thing to do is... Sorry I couldn't help more.
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@mediagirl: Yeah, we're going to set up an appointment, I was just wondering if anyone had done it, in the meantime
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@sslm: hi there! We moved (bought and sold) after owning our first home for just over a year. We were advised by our bank (aka one of our best friends who got us a great deal on our mortgage) that it would not be in our interest to "bridge" our mortgage. Instead, he advised us to close both deals on the same day. It was a nightmare to organize but well worth it in the end.
Not sure if this helps... I hope it does! Good luck!
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@Ocean girl: thanks! That's what I suspected, that the best way is to close both same day. Sadly we were hoping to live in my parents rental unit to save a little bit of money!! But with the $7500 breakage fee that's probably not possible... Ah well. Maybe the bank will have better news
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