# mortgage advice



## onomatopoeia (Apr 8, 2009)

Hey guys,

My mortgage is up for renewal in april. 

I've been posted to another city in june - i'm a federal public servant - so my house will be on sale as of the next few months.

What would you do in my circumstances with the mortgage? I will be buying in the new location.

should i just renew through a broker and port the mortgage to the new place....seems kinda silly to renew for 2 months then pay a porting fee and all the hassles that go with it. anyone have any better options?

I have a dog, a wife and a son, so don't really want to move into a rental for a few months unless we have someone who wants to close on this house before june. 

Thanks for any help. At least rates are great for renewing right now!


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## Spudd (Oct 11, 2011)

Wow, complicated situation! What's a "porting fee"? When we moved we just paid off the old mortgage and got a new mortgage for the new place (with the same bank) and there were no fees. I seem to remember they tried to charge us some fee, but we said "hey, we're staying with your bank and this is ridiculous" and they didn't charge us.


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## Cal (Jun 17, 2009)

I would either get an open mortgage for 6 months to anticipate your sale, OR contact the bank asap tell them your situation, and get them to lock you in to a new mortgage at the current great rates, with no proting fees, or you will take your business elsewhere for your next mortgage.

Simple, either they get your business and lock you in, or you walk and don't look back.


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