A little preparation can help make the process smoother. If you choose to port your mortgage, you will need a few things in order before you reach out to a First National Mortgage Specialist about next steps. Review the list, so you’re ready.
- How much you can afford for your new home
- Key documents required for your application
- Government-issued identification
- Proof of income and employment
- Documentation of assets and liabilities
- Sale agreement for your existing home
- Purchase agreement and MLS listing for your new home
- Any waivers
- Lawyer or notary information
Can I port my mortgage?
Most First National mortgages are eligible for porting. To verify portability, refer to your mortgage documents, speak to your broker or contact one of our First National Mortgage Specialists. Please note that you will be required to complete a new credit application as part of the process.
Do I have to pay anything to port my mortgage?
As part of your budget, you will want to consider the following potential costs:
- Land transfer tax
- Legal fees
- Home inspection and appraisal fees
- Prepayment charges
- Administrative fees
- Moving costs
- Property tax adjustments
What documents are required to port my mortgage?
To start the process, you will need:
- Government-issued ID
- Pay stubs
- Employment letters/contract for proof of employment
- Tax returns
- Credit report for proof income and credit capabilities
- Proof of down payment and purchase property documents
If you can provide it, your Agreement of Purchase and Sale and Proof of Sale will help to expedite the process.
What if I am buying a home that costs more or less than my current property?
There are three porting options available:
- Move your existing balance to your new property (straight port).
- Increase your mortgage balance and blend your rate with existing rates (port and increase).
- Pay down your mortgage balance before porting (port and decrease). With this option, you can often use your lump sum prepayment privilege to cover the difference, but depending on the amount, prepayment charges could apply.
I really have had great experiences with First National.
I really have had great experiences with First National. As a second time home buyer, I was very happy with the process. To top it off, I have been able to take advantage of every online tool and received quick service. Having a rental property now, First National has made my life incredibly easy regarding managing and maintaining it. I would recommend them to anyone looking for a mortgage.
– Brandon R., Alberta