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Buying or Selling a Home/porting
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Question
WE had purchased a townhouse 7mths ago for $160k my husband may getting transferred to another location with his job over 1hr drive one way) so we are considering moving. We see homes for much less (between 119-150k) are we able to port mortgage to home of lesser value and we might not be able to sell our home for much higher also would we need to save up again for a down pymt or will that be covered because we are looking to buy a home for much less than what we owe now (from Ont Canada)
Dear Helen;
I cannot speak to each and every kind of mortgage out there nor can I talk about what is unique to Canada; but I can say that what I do know is that mortgage lenders in this area do not allow a mortgage to transfer to another property. When a lien (in this case a mortgage) is recorded it is on a certain property and in order to satisfy that lien and remove it the mortgage must be paid in full. If you are buying another home then you will have to come up with a down payment and secure a new loan. If this is a common practice in Canada for some reason then you will have to discuss the particular requirements with a Canadian lender.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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