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New Property Selecting the Right Mortgage

If a mortgage is portable, certain terms of the mortgage (usually at least the interest rate and the remaining term) may be transferred to the borrower’s new property if the borrower sells the original mortgaged property.

When the amount of the mortgage on the new property is higher than the balance of the mortgage outstanding on the original property, this is referred to as a port and increase

When the amount of the mortgage on the new property is lower than the balance of the mortgage outstanding on the original property, this is referred to as a port and decrease.

Original Property Types of ports

When the amount of the mortgage on the new property is the same as the balance of the mortgage outstanding on the original property, this is referred to as a straight port.

When the amount of the mortgage on the new property is higher than the balance of the mortgage outstanding on the original property, this is referred to as a port and increase

When the amount of the mortgage on the new property is lower than the balance of the mortgage outstanding on the original property, this is referred to as a port and decrease.

*May not be offered through all lenders. Details will vary between lenders.

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Other Mortgages Your mortgage options.

The Mortgage Centre understands that everyone has a unique lifestyle, and we believe your mortgage financing should be just as unique.

With increased flexibility in lenders and options, gone are the days of the “one size fits all” mortgage. We’re here to investigate your options, and provide advice based on our years of industry experience.

Renew Let us help you get a better renewal.

Incredibly many Canadians renew their mortgage with the same lender because they believe it’s too time consuming to shop around – or think their existing bank’s offer is the best deal available.

This isn’t necessarily true. Unfortunately, many of these same people simply accept that lender’s posted rate or slightly better. At The Mortgage Centre, we’ll shop some of Canada’s leading lenders to compete for your renewal so you can rest assured that we are working hard to help get you a competitive rate matched to the features and benefits suited to your unique needs.

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Increase Amount Borrowed Pay Your Mortgage Down Faster

A mortgage is a big commitment. Most mortgages are paid over 25 years but we have some tips to help you pay yours off faster. Reducing the number of years you make mortgage payments can add up to big savings.

There are several ways to “pay down” your mortgage and get out of debt faster.

You can increase your payment amount

when you arrange your mortgage, or (if allowed by your mortgage agreement) at any time during the term. This allows you to pay down your principal faster

If allowed by your mortgage agreement

you can make payments more frequently which saves you money in interest charges over the long run as it allows you to pay down your principal faster.

You use any pre-payment privilege

allowed by your mortgage agreement to make a lump sum payment. A lump-sum payment is applied directly to your outstanding principal if there is no outstanding interest owing. This saves you money over the course of your mortgage

You can pay as much as possible at renewal.

All Mortgages become open at renewal. This means you can pay as much as you want on your mortgage before you enter into an agreement to renew your mortgage after your current mortgage agreement expires.