“Porting a mortgage” refers to the process of transferring an existing mortgage loan from one property to another when the homeowner wants to move. This can be done when the homeowner is selling their current property and buying a new one.
The homeowner essentially takes their existing mortgage loan with them to the new property, with the same terms and conditions, interest rate, and remaining balance.
In the United States, some lenders offer a similar option called a “mortgage transfer,” which is similar to porting a mortgage. However, the process and availability of mortgage transfer programs can vary between lenders and may not be as widely available as in other countries such as Canada or the United Kingdom.
With a mortgage transfer in the United States, the homeowner may be able to transfer their current mortgage loan to a new property without having to go through the process of applying for a new mortgage loan.
The homeowner can keep the same interest rate, loan balance, and other terms of the existing mortgage loan.
It’s important to note that not all mortgages are transferable or portable. In some cases, the homeowner may need to pay a penalty or fees to transfer or port their mortgage loan, and they may also need to meet certain eligibility criteria, such as having a good credit score or meeting certain income requirements.
If you are considering porting a mortgage or transferring your mortgage loan in the United States, it’s important to speak with your current mortgage lender to determine whether this option is available and what the process entails.
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