When you’re selling one home and buying the next, what do you do with your current mortgage? One option is to bring your mortgage with you to your next home, and also add to it if you need additional funds. In some cases breaking your mortgage and getting a new one may be the right choice. Speak with one of our mortgage planners to determine what is right for you.
We recommend you speak with one of our Mortgage Planners to determine what is best for you.
Transfer your mortgage from home to home
- If it’s a port increase, you can borrow additional funds
- If it’s a port decrease, normal prepayment rules apply.
Break your existing mortgage and get a new one
A lower interest rate is the primary reason to break your mortgage and get a new one. Other reasons could include job relocation, or a growing family and needing a larger home.
While refinancing a mortgage could have some cost benefits for you, doing so could also result in your having to pay a variety of fees and/or penalties. For instance, if you break a closed mortgage, you will incur a pre-payment charge. In some cases, the interest rate savings may be worth paying the penalty on your existing mortgage.
Contact a Mortgage Planner for help getting a new mortgage or to discuss your options when selling one home and buying your next.
- 1, 2, 3, 4 and 5-year fixed rate mortgages
- Portability of fixed rate mortgages
- 20% prepayment privilege
- 20% payment increase
- 5-year adjustable rate mortgage
How do I apply for a mortgage with PT?
It’s as simple as contacting one of our professional mortgage planners, who will get you started
What is a pre-qualification and why do I need one?
Mortgage pre-qualification is a simple and quick process. A pre-qualification is a no obligation way to determine what you can comfortably afford. In most cases, we can have your pre-qualification to you the same day we receive your application. By providing us with some basic financial information, our Mortgage Planners can assist you in determining which mortgage is best for you.
What is the process?
- Meet with your Mortgage Planner to discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc.
- Let us educate you on the terms, mortgage types, options and your goals, to help you find the mortgage that work for you.
- Your Mortgage Planner will take an application from you, with your financial details, liabilities and with your permission, access your credit bureau.
- Your Mortgage Planner will let you know what documents you will need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved.
Pre-approvals are subject to your continued good credit and are usually good for 90 days
- You’ll save time house-hunting, seeing only homes you can afford.
- You’ll have a better idea of your monthly payment amounts, as well as how much your down payment will be.
- Real estate agents may serve you better because they know you’re serious and ready to buy.
- When you make an offer to purchase, the seller may be more likely to give it serious consideration because you have solid financial backing.
- Your pre-approved status may give you more negotiating power with a seller.
- There’s no cost to you and you’re not obligated to accept the mortgage.