Quote:
Originally Posted by bizaro86
Most Scotia mortgages should be portable. So you'd talk to someone from Scotia, qualify for a new mortgage. Then you'd basically pay what you're paying now, plus the current interest rate on the new mortgage. They "blend" the rate.
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That pretty much sums it up. (Except for qualifying with Scotia again)
Scotia mortgages are for the most part portable. So you would take your current balance and current rate with you to the new house and then just add the addtional amout you would need to purchase that house at todays rates.
I would double check with Scotia as to their porting rules on that mortgage. A lot of lenders require you to port it within a certain amount of time.
You can potentially pay that mortgage out along with the payout penalty and get a brand new mortgage as well. If you only have 2 years left on the term it might be worth it depending on the rate you are currently paying and the rate we could get you for the new mortgage.
Scotia is a lender I do a lot of work with. If the mortgage is in fact portable and you want to get an additional Scotia mortgage for the additional funds needed chances are I can get you a better rate from them then they will offer you.
I would be happy to answer any of your questions you have. Feel free to pm me with more details and we can figure out the best option for you, whether you rent the old place, sell it, port the mortgage or get an entirely new mortgage.