For the past few years, we have enjoyed historically low fixed rates (3.4% - 4%). Many homeowners have taken advantage of these rates and locked in for a 5 year term. As the economy has stabilized and is in a growth mode, fixed rates have started and will continue to increase as more jobs are created and inflation picks up pace.

What is a portable mortgage?

A portable mortgage allows the homeowner to move the mortgage with them to their new home as long as they qualify (good income & credit). This feature saves the homeowner thousands of penalty dollars by avoiding the need to break the mortgage.

Personal and family situations from having a family, moving due to a new job or moving to a bigger home may happen within 5 years. Having a portable mortgage is important to avoid paying a penalty.

The next time you are about to get a mortgage whether you are a first time home buyer or acquiring an investment property, ensure your mortgage is portable.

To discuss your personal mortgage or answer questions regarding mortgage financing, please contact me.