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Anyone been able to port their mortgage?
Posted on 11/24/23 at 12:40 pm
Posted on 11/24/23 at 12:40 pm
Anyone been able to do this or know someone able to do it? It seems more common in Canada and the UK, but not so much in the US. Seems like with the higher interest rates, people would be looking more into this if it's a possibility.
7
Posted on 11/24/23 at 12:43 pm to jojothetireguy
quote:just gotta get past those pesky loan sharks
people would be looking more into this if it's a possibility.
Posted on 11/24/23 at 1:21 pm to jojothetireguy
Don’t have a mortgage.
Posted on 11/24/23 at 1:40 pm to BabyTac
Because you live with your mom.
Posted on 11/24/23 at 2:03 pm to jojothetireguy
Mr. Richie go to port.
Posted on 11/24/23 at 2:55 pm to jojothetireguy
Lenders won’t Port a mortgage with a low interest existing loan. It would be nice but a lender is trying to get out of money losing loans.
Posted on 11/24/23 at 5:53 pm to jojothetireguy
Unfortunately for this most mortgages in USA are written as due on sale so taking your low internet rate loan to a new property is generally not feasible here.
Our RE system setup much differently than say Canada where the mortgage is on the person there. Here the mortgage lien is generally attached to the property
Our RE system setup much differently than say Canada where the mortgage is on the person there. Here the mortgage lien is generally attached to the property
Posted on 11/26/23 at 7:37 am to jojothetireguy
I don't know if it is true (It was on the internet), but one of those banner articles on a browser page was about how screwed up Canada's housing is right now because of their mortgage setup.
The implication was that they don't do conventional 30 years backed by a government quasi agency.
They do 5 year fixed, 25 year amortization loans.
And everyone's 5 year fixed is adjusting upwards.
The other implication was that their income qualifications are not as strict as FNMA, FHMLC, or FHA. So Canada is cash poor right now because of housing expenses (not just housing shortages which they also have like the US).
The implication was that they don't do conventional 30 years backed by a government quasi agency.
They do 5 year fixed, 25 year amortization loans.
And everyone's 5 year fixed is adjusting upwards.
The other implication was that their income qualifications are not as strict as FNMA, FHMLC, or FHA. So Canada is cash poor right now because of housing expenses (not just housing shortages which they also have like the US).
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