Background Image


Refinancing primary residence and Selling a property with 2% mortgage 3.5 years left on term

Discussion in 'General Discussion' started by Cheryl711, Mar 13, 2017.

  1. Cheryl711
    Offline

    Cheryl711 New Member REIN Member

    Posts:
    14
    Likes Received:
    0
    Trophy Points:
    1
    Hi,

    I have a property that I have sold with a 2% mortgage on it with 3.5 years left in the term. The mortgage on my primary residence is due for renewal. Any suggestions on how I can transfer the 2% mortgage to my primary residence. I would then avoid the payout penalty on the low rate mortgage and I could have the 2% rate on my primary residence instead of the 2.5+ rates that are available now.
     
  2. ThomasBeyer
    Offline

    ThomasBeyer Well-Known Member REIN Member

    Posts:
    11,959
    Likes Received:
    828
    Trophy Points:
    113
    Talk to the bank that holds the 2% mortgage.
     
    1 person likes this.
  3. asanchez
    Offline

    asanchez Active Member REIN Member

    Posts:
    805
    Likes Received:
    54
    Trophy Points:
    28
    Negotiate with the bank that you can bring your primary residence mortgage (safe one) to them if rate is same or better and waive penalty on rental.
     
    1 person likes this.
  4. Cheryl711
    Offline

    Cheryl711 New Member REIN Member

    Posts:
    14
    Likes Received:
    0
    Trophy Points:
    1
    Both mortgages are with the same bank, I asked them about moving the mortgage over already and they said it couldn't be done unless I paid the morgage out on my primary residence which I am unable to do. However I do have another mortgage coming due with a different bank that I would be interested in moving over to the same bank as the other 2 mortgages, If they are able to make this work.
     
  5. adriano
    Offline

    adriano Member REIN Member

    Posts:
    82
    Likes Received:
    6
    Trophy Points:
    8
    I would talk to them about your mortgage coming due and if they still won't then I would go to another bank and see if another bank would do it.
    A bank is just another store and they all have different ways to make mortgages work. You just have to ask.
    Good luck
     
  6. David_8201
    Offline

    David_8201 Member REIN Member

    Posts:
    54
    Likes Received:
    24
    Trophy Points:
    8
    Not all lenders will allow you to port to an existing property. So, I recommend you contact the lender and ask if your mortgage is portable to your existing home. If they allow you to port it, you would not have to pay the penalty, but you may need to pay the discharge and registration fees.

    Thank you.
     

Share This Page