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Refinancing primary residence and Selling a property with 2% mortgage 3.5 years left on term

Cheryl711

New Forum Member
Registered
Joined
Sep 19, 2007
Messages
17
Hi,

I have a property that I have sold with a 2% mortgage on it with 3.5 years left in the term. The mortgage on my primary residence is due for renewal. Any suggestions on how I can transfer the 2% mortgage to my primary residence. I would then avoid the payout penalty on the low rate mortgage and I could have the 2% rate on my primary residence instead of the 2.5+ rates that are available now.
 

Alvaro Sanchez

Ottawa-Gatineau Investor
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Jun 5, 2009
Messages
966
Negotiate with the bank that you can bring your primary residence mortgage (safe one) to them if rate is same or better and waive penalty on rental.
 

Cheryl711

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Sep 19, 2007
Messages
17
Both mortgages are with the same bank, I asked them about moving the mortgage over already and they said it couldn't be done unless I paid the morgage out on my primary residence which I am unable to do. However I do have another mortgage coming due with a different bank that I would be interested in moving over to the same bank as the other 2 mortgages, If they are able to make this work.
 

adriano

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Registered
Joined
Sep 25, 2007
Messages
186
I would talk to them about your mortgage coming due and if they still won't then I would go to another bank and see if another bank would do it.
A bank is just another store and they all have different ways to make mortgages work. You just have to ask.
Good luck
 

Vine Group

Frequent Forum Member
REIN Member
Joined
Mar 17, 2016
Messages
126
Not all lenders will allow you to port to an existing property. So, I recommend you contact the lender and ask if your mortgage is portable to your existing home. If they allow you to port it, you would not have to pay the penalty, but you may need to pay the discharge and registration fees.

Thank you.
 
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