Canadian Money Forum banner

1 - 8 of 8 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter #1
I bought a home in Toronto about 3 years back. Now my family and I want to move to Edmonton because of some family issues. I have paid all the installments of the mortgage so far. My mortgage renewal is still many months away, but I want to sell the house and buy a new home in Edmonton. Is it possible? If it is possible, is there any major legal issues that can make it difficult? What should I do to move without a lot of hassles? Should I Contact any mortgage broker like Butler Mortgage in Toronto? I am not an expert in all these finance and mortgage matters, so any kind of advice will be really helpful.
 

·
Registered
Joined
·
1,108 Posts
Check the terms of your mortgage - they can vary widely. Some mortgages are "portable", i.e., the lender will let you transfer your mortgage to your new house. Some mortgages are transferable so that it can be taken over buy whoever buys your house (if they want to take on your mortgage). Otherwise, you will probably have to pay penalties for closing your mortgage early, but you can do it. You do not need a mortgage broker: you can call the lender and ask what the options are.
 

·
Registered
Joined
·
2,892 Posts
I agree with above, check with your lender regarding your situation, I am sure they will do whatever they can to keep your mortgage business.
 

·
Registered
Joined
·
1 Posts
I also had a mortgage and I was afraid to move, I thought that I would pay a big penalty because I wanted to close it earlier. I didn't even know if I should contact a realtor for selling my house. Then my friends advised me to contact this company. thepropertybuyingcompany.co.uk They're cash buying company that buy real estate. They offered me a good price for my house. When I agreed to the sale, they covered solicitor fees and solved my problem with the mortgage. In the end they transferred my mortgage to my new house.
 

·
Registered
Joined
·
805 Posts
Further to portability......do you have a fixed rate or variable?

will you need a mortgage in Edmonton? If yes, will it be larger or smaller then your existing mortgage? If it will be smaller, some penalties may still apply.
 
1 - 8 of 8 Posts
Top