Did you know your mortgage has a cool 'hidden' feature? The ability to 'port' your mortgage is something that the general public is typically unaware of (which is why I wanted to reach out to you today).

What's Mortgage Porting? 

Porting allows you to essentially take your current mortgage over to your new property. 

What are the main benefits?

• Ability to keep your interest rate low
• Ability to qualify for a higher mortgage amount
• Familiarity with your lender (no need to switch to a new bank)

Every lender has their own guidelines on how mortgage porting works, which is why I recommend you reach out to your mortgage professional to discuss it. If you would like to chat further about how this may be of benefit to you, reply back to this email! 

Many Thanks,

Anita@anitamann.ca

Get a True Feel for What You Could Buy Based on Your Income, Down Payment & Credit Rating. Pre-Qualifying Is Free, Won't Affect Your Credit Score & Tells You What You Might Afford. Switching is easy. Mobile mortgage experts. Wide range of mortgages.

https://www.nbc.ca/personal/mortgages/calculators/rent-or-buy.html

Prohibition on the Purchase of Residential Property by Non-Canadians Act

Key Highlights

• The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
• Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA).
• Certain exceptions apply to allowing Non-Canadians to purchase a residential property in defined circumstances.
• If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of a residential property.