Even pros need a coach, let us be yours

If you buy a new home, you must come up with the down payment and closing costs. If you don’t have the extra cash for these upfront costs or are selling your existing home to purchase a new home, you will need to payout your current mortgage. Not all mortgages are portable – they cannot be transferred to a new property to avoid being paid out. Additionally, you may not be able to qualify for the new home with your current lender. There may be a cost difference between your existing mortgage and what you would need for the new home; therefore, you will need to break your mortgage and qualify for the new mortgage – possibly with a new lender. nesto will help you examine all of your options before moving forward to ensure breaking your mortgage is in your best financial interest.

Whether you own a home and are planning to move to a new one or you are in the market for a first home with plans to move in the future, mortgage portability is something worth considering. Basically, porting your mortgage is when you transfer your current mortgage rate and terms to your new property. Not only that, portability also helps ensure that you don’t face any penalty fees.

However, it’s important to note that portability isn’t always available in all scenarios, so be sure to look into your portability options before committing to a new property.

The mortgage can change if a borrower is removed as a mortgage holder, however, the remaining mortgage holder must show that they have the capacity to carry the mortgage alone.

If the property’s title has to change where either spouse is being removed then a solicitor/notary must be involved to change the title.

Depending on where the mortgage is located there are various options for the borrowers in addition to the legal aspect of removing a co-borrower from title.