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Old 10-14-2014, 04:25 PM   #5
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB
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Quote:
Originally Posted by You Need a Thneed View Post
We almost certainly won't renew for this very reason. Luckily (?) we can port our mortgage to the new house that we bought, so we end up only being out a couple of hundred bucks.

The buyout would have been over $10,000.
That is great that the penalty is not going to hurt you.. porting is always a great feature! Are you adding additional funds to your mortgage (if the purchase is larger)? Hopefully you can maintain the balance of the term and just add new funds to keep your renewal on track.

Keep in mind that when your renewal is up... to check and see what other options you may have!

It is not pretty when LIFE happens and your hands end up being tied as to what you can and cannot do. Choice is always nice...
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