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Olao32 · 09-13-2010, 10:46 AM

For all you guru’s out there I have a question,

I currently have a house which I am carrying a mortgage on. About 2-years in on a 5-year term. It’s getting to the point that my wife and I would like to move into a bigger house. Only thing, is I’m not really sure how it would work. When we qualified, combined we made ~100K gross, now, we’d be around ~170K combined. So I am pretty sure we could qualify for another mortgage in addition to our current, and carry both balances as I am not really sure if we are going to keep our current dwelling and rent it out, or just sell it off.

But in respect to our current mortgage, say we decide to sell our current place, can we just roll it over into the new house, increase the amount and continue to pay it off? Or would the bank (Scotia) basically us we’d have to pay it off in full, take a hit on early out-fees, and get an entire new mortgage?

Any help would be appreciated.

09-13-2010, 10:46 AM	#1
Olao32 Backup Goalie Join Date: Sep 2009 Exp:	Mortgage Question For all you guru’s out there I have a question, I currently have a house which I am carrying a mortgage on. About 2-years in on a 5-year term. It’s getting to the point that my wife and I would like to move into a bigger house. Only thing, is I’m not really sure how it would work. When we qualified, combined we made ~100K gross, now, we’d be around ~170K combined. So I am pretty sure we could qualify for another mortgage in addition to our current, and carry both balances as I am not really sure if we are going to keep our current dwelling and rent it out, or just sell it off. But in respect to our current mortgage, say we decide to sell our current place, can we just roll it over into the new house, increase the amount and continue to pay it off? Or would the bank (Scotia) basically us we’d have to pay it off in full, take a hit on early out-fees, and get an entire new mortgage? Any help would be appreciated.