Are you aware that, when you move, you may be able to take your existing mortgage with you?

        A mortgage representative can help you find the clause in your mortgage that confirms your options. If your mortgage is "portable", meaning that you can move it to your new property, you can sit down with your mortgage representative and discuss whether this makes sense in your situation. If the current mortgage rates are higher than what you are currently locked in for, then a mortgage representative can help you transfer the interest rate and all the existing terms and conditions of your existing mortgage to your new property, subject to a credit review and property appraisal when you buy your new home.

        Another benefit of "porting" your mortgage is that you will automatically avoid any prepayment charges for breaking your mortgage early. Note that there is no fee for using the portability option, although you would still have to pay legal fees to register the mortgage on your new home.

        If you don't want to take your mortgage with you, you might be able to offer it to the prospective buyer of your current property as an "assumable mortgage". If the rate and terms are favourable, this offer may provide an extra incentive for a buyer to make his or her decision. Again, this is an option you would need to consider carefully before presenting it for consideration.

        Please call a mortgage representative for more information on these interesting mortgage options. They have access to up-to-date information on financing choices to answer whatever loan questions you have.