When people opt for mortgage, they may not be able to fully determine what the future holds for them. Times change, and so do their life situations. They can be in a state when they are moving from existing home to a new one. Then what happens with the mortgage? The viable solution is – Mortgage Transfer or Mortgage Port.
Transfer mortgage allows convenient move from existing home property to a new one with a renewed condition and interest rate.
We, at Golden Financial, work extensively to provide clients with a thorough and expert procedure to help them port their mortgage with best possible available solution, saving them the hassle as well as their money. With our flexible service, customers can keep their mortgage, moving from old to new home, with lower rates.
Mortgage Transfer and Renewal Features
- It is a great option for saving money, if the new rate is lower than the current mortgage rate.
- Different lenders levy different transfer costs.
- Customers should keep in mind the transfer penalty charged by the lender on exiting the current mortgage. This calculation is helpful in evaluating the overall saving benefits when transferring to a lower rate.
- The borrower has to go through the re-qualification process with the mortgage lender, which varies from lender to lender.
- Some lenders require you to pay full registration fee for the new mortgage.
- Transferring mortgage benefits the customer in the way that they can apply for a bigger loan with the transfer, i.e. renewing their mortgage to a higher amount with porting.
How it helps in saving money
In mortgage porting, the customer is able to transfer the existing terms, conditions and interest rates. The new interest rates and terms may be more fruitful in helping the client to save money in comparison to the current rates:
- By searching the market, you stand a chance to have lower interest rates, with minimal transfer charges. So, you not only have a new property, but also beneficial rates which reduce your equated installment.
- You can also avoid the prepayment charges pertaining to the breaking of closed mortgage early, depending on your loan term.
- Blending your current (see preferred) rate of interest with a renewed mortgage of higher amount is beneficial in the long duration.
- Even after calculating the processing fees, and other charges associated with new property valuation and registration, you can find a money-saver plan with low interest rates.
Does Mortgage Transfer and Renewal is beneficial?
With its beneficial perks, and favorability of saving money, mortgage transfer aids people when they are moving from their old to new home.
Not all lenders offer mortgage transfer and renewal, so make sure that you consult a professional broker on all the aspects of transfer: available lender, newer interest rate, charges and fees.
Golden Financial lets customers escape this hassle by proposing best plans from the leading mortgage transfer and renewal provider, and guiding them throughout the process so that they feel fully satisfied.