I've Sold My Home And Purchased A New One, Can I Just Move My Current Mortgage Over To The New Home

Before you sell your home, you will have to decide what to do with your current mortgage. There are possible options: porting your mortgage or breaking your mortgage. You need to understand what each of these options entails so you can better decide which is best for you. However, not all options are available to all home buyers. Which options are available to you will depend on a variety of factors. I am happy to discuss this with you and come up with a solution that best fits your needs.

Porting a mortgage means you would be taking your current mortgage, with its rates and terms, and moving it to another property. This is only an option if you are buying another home at the same time you are selling your current one. However, not all mortgages are portable.Breaking a mortgage is the decision most homeowners make when selling their home, particularly if interest rates are low.

Breaking a mortgage means that you are canceling your original mortgage agreement, so you will need to pay your lender a penalty fee.