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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2017-01-18, 10:21 PM
NAT2014 NAT2014 is offline
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Join Date: Nov 2013
Location: Ontario
Posts: 40
Default Mortgage Advice Needed.

Hi to all mortgage professionals or anyone else

I am able to port my mortgage to another house, my mortgage provider is okay with this.

I have a question:

I am looking at a new home which will take approx 120 days to finish.

My mortgage provider will only allow me a 90 day timeline to port my mortgage and close on another home or I will have to pay a $9800 penalty.

Can I port my mortgage to a home that is nearly finished being built ?

The home will be nearly finished it will be just minor cosmetic bits and pieces left to do.

If I can port and buy the home nearly finished then I will avoid the penalty.

The reason I cannot wait for it to be built before I sell my place is because my wife is starting a new job in the area where our new home is to be built.

Any advice would be great.

Thanks. Nat.
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Old 2017-08-22, 03:17 PM
MortgageChase MortgageChase is offline
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Join Date: Nov 2013
Location: Ontario, Ottawa
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Default Sorry for the delay

Hello, very late to reply but the short answer is no. You cannot register a mortgage on a property that is not complete and registered with the city.

In your case, I would notify your bank/mortgage company that the timeframe will be 120 days, and if they want your furture mortgage(s) they must entertain your exception/request. I have had a lot of success doing this for clients at both TD Bank and Scotiabank.

If successful, they will likely charge you the penalty upon the sale and refund it upon the funding of your new mortgage.

Ottawa Mortgage Broker - Chase Belair
Dominion Lending Centre - Smart Debt,
License #12236
chase@chasebelair.com
www.chasebelair.com
Cell: (613)769-9213
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Last edited by MortgageChase; 2017-12-13 at 09:56 AM.
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