Move Your Mortgage Mortgage Portability in Oakville

Move from one home to the next easily and without any hassle. I can make the entire process tension-free. Contact Patrick Romann to learn more.

Can You Port Your Mortgage?

Yes, you can. Porting a mortgage depends on a few factors, but it’s a numbers game in the end. The good news is that when you partner with Patrick Romann, you can port your mortgage the right way and save your money. Contact me to find out how.

Quick Approval For Mortgage Portability

I'm Patrick Romann and I'm a recognized source for helping my clients get the mortgage lending and financing they need.

We make Mortgage Lending & Financing Possible for our clients living in Oakville.

If you're looking to port your mortgage in Oakville, I can help you find the best rates and get approval fast.

What is Porting a Mortgage?

Simply put, mortgage portability means transferring your remaining mortgage amount as well as your interest rate from the old home to the new house. You can also borrow a little bit extra at the same rate. A home purchase is a huge decision and not something that you do overnight. Let me work with you to find out your best options as you move to a better home and a better life.

Is Mortgage Portability for Me?

Porting your mortgage is not for everyone. You have to do your research and make sure that all the factors are in your favor. Ask yourself, is it going to save you money throughout your mortgage? What is it all about? When you partner with Patrick Romann, I will answer all your questions about mortgage portability and how you can benefit from it. I will also guide you through the entire process and help you with the math. If the math is in your favor, porting your mortgage is one of the smartest moves you can make.

Why Work with Patrick Romann

Access to Over 50 Lending Institutions

Get the Best Mortgage Rates Available

Objective Advice as I'm an Independent Mortgage Broker

3 Benefits of Porting Your Mortgage

Keep your Curent Mortgage Rate

Keep your Curent Mortgage Rate

If you have got a good rate on your current mortgage, you will want to keep it that way and move towards a new mortgage. Patrick Romann can help you pull it off safely and professionally. You can easily transfer your current interest rate and all the other terms that you like about your existing mortgage to your new mortgage.

Access to Additional Funds

Access to Additional Funds

Usually, when people port their mortgage, they want their new mortgage of higher value but at the same or at least competitive rate. So, you can also get those extra funds with a new mortgage by porting your mortgage through Patrick Romann. You can count on a lower and reduced monthly payment while also having a more considerable mortgage amount after the successful portability of your mortgage.

Avoid Pre-Payment Charges

Avoid Pre-Payment Charges

When you are porting your mortgage, you have the chance to avoid prepayment charges that you had to pay for breaking your mortgage. I won’t let that happen to you at any cost. You will be saving all the prepayment charges and other upfront amounts when taking up mortgage portability with me.

Is it Best to Choose a Portable Mortgage in the first place?

Most people don’t think much about the portability of their mortgage when they are applying for their first mortgage. Some lenders allow the portability of mortgages, and then some lenders don’t. Now, the lenders that I work with mostly allow all their mortgages to be portable. The ones with variable rates may have some technicalities, but again, if your mortgage broker is Patrick Romann, you don’t have to worry about a thing. I ask all my clients to go for a 100% portable mortgage in the first place so that they can avoid all the troubles that can be faced when applying for an actual mortgage portation.

Frequently Asked Questions

Are all the mortgages portable?

No, all mortgages are not portable. Especially, the ones with variable rates can be a problem when it comes to mortgage portability.

How to qualify for a portable mortgage?

When it comes to qualification for a mortgage, the conditions are the same. You just need to consider a portable mortgage in the first place.

Is porting a mortgage more complicated than the first mortgage?

Not at all! It can be the other way around. Your first mortgage can be a little bit complex, but it is a relatively straightforward process when it comes to porting your mortgage.

Can I transfer the ownership of my portable mortgaged property?

You can transfer the ownership of your property even if you owe a mortgage on the property. You just have to make some declarations of who will be paying the rest of the mortgage sum.

Is porting a mortgage like a simple loan transfer?

The first thing is that the mortgage is not like a simple loan. Secondly, the transfer of a simple loan is also different as compared to porting a mortgage. The differences primarily lie within the terms, conditions, duration, and rate.

get your mortgage ported at the most flexible terms

Yes, that is right! You can get your mortgage ported with me at the most flexible terms and conditions. I am associated with lenders that can make portability easier for my clients. For example, other lenders may allow you only 30 or a maximum of 45 days to sell your existing property, which is quite a tight deadline to make such a huge transaction. Therefore, I make sure that you get the 120 days period to sell your current property and easily transition with your new mortgage. These flexible terms can come in handy when porting your mortgage, breaking your mortgage, or refinancing your mortgage.

Avoid financial penalties and extra charges for your new mortgage

The best way to ensure that you get a good deal on your new mortgage, I will arrange for you a portability plan that involves zero penalties. Since we are not letting you break your current mortgage to go for a new mortgage, you can easily avoid these penalties. Then, people have to consider other charges even when transferring their existing mortgage to a new one. But Patrick Romann is here to make sure you get no extra costs. Your mortgage is transitioned in the smoothest manner possible.

This is how we calculate your mortgage portation

Let’s say you have a remaining balance of $100,000 on your current mortgage with a fixed rate of 2.1%. Your mortgage term is a five-year term, and you have already paid for two years. Now let’s suppose you qualify for a mortgage rate of 2.69% for your new mortgage. Then the blended rate will fall somewhere between 2.1% and 2.69%.

For example, you need an extra $50,000 and a new five-year term, to begin with. In that case, you will get a blended rate of around 2.39% on a $150,000 mortgage with a renewed term of five years. This is an ideal scenario where the term was only five years. The extra cash was also only 50% of the previous mortgage. I have dealt with cases where a person wanted to port a mortgage on a 15 years term and required much more than 50% on their new mortgage.

Get in Touch

As a mortgage agent, I provide a wide range of mortgage services including mortgage portability. Contact me to discover how I can help you with all your mortgage needs in Oakville.