If I have an existing $160,000 mortgage on a property and I sell that proeprty and turn around to buy anew $160,000 proeprty, and assuming I have a portable mortgage - can I port that mortgage without having to re-qualify, or do I have to go through the re-qualification process?
Mortgage Portability
- Thread starter smack123
- Start date
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- Sep 3, 2007
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- 489
yes you will have to re-qualify.
- Joined
- Oct 16, 2007
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- 758
It depends on the bank. You already have the mortgage, and as long as it is paid as agreed, you may only require an appraisal. If the mortgage is high ratio, the deal will have to be resubmitted to CMCH to approve the new property, but no insurance premium will apply.