Are you considering moving homes but worried about losing your great fixed mortgage rate? Well, you don’t have to be! There are options available to help you keep your low mortgage rate when you move to a new property.
Porting
One option is to port your mortgage to your new home. Porting means transferring your existing mortgage to your new property, including your interest rate and terms. It’s essential to note that your lender will need to approve the transfer, and you’ll need to meet specific criteria. The Jas Oberoi Group can help you understand if porting your mortgage is the right option for you.
Blending
Another option is to blend and extend your mortgage. This option means combining your existing mortgage with a new mortgage at the current market rate, resulting in a new blended interest rate. This option could be advantageous if the current market rate is lower than your fixed rate but still higher than your existing rate.
Breaking
Lastly, you could consider breaking your mortgage and paying the penalty to switch to a new mortgage product. Although this option may seem overwhelming, it could be worthwhile if the savings from a lower interest rate outweigh the penalty fee. A trusted mortgage broker can help you navigate the pros and cons of this option.
Overall, if you’re planning to move while keeping your low fixed mortgage rate, it’s crucial to understand your options. Speak with your lender or a mortgage broker to determine the best option for your specific situation. And, if you need expert guidance and support throughout the mortgage process, contact the Jas Oberoi Group. Our experienced mortgage professionals will help you understand your options and make the best decision for your unique needs. Contact us today to learn more and let’s get started on your mortgage journey together!
