请教portable mortgage

SNOW.W

如题，portable mortgage 银行是如何运作的？比如，3年fixed closed portable mortgage,还有两年合同才到期，想把现在的motrgage port 到新的MORTGAGE 银行是如何运作的?需要交费用吗？什么费用？大概多少？谢谢。

年轻的心

Example:Buyer A has a home with a $250,000 mortgage, at 4% interest a 5 year term and a 30 year amortization period. At the end of year 2, Buyer A must move to a new city due to a job change. Since the time of taking the original mortgage, prevailing interest rates have risen to 6%. Rather than taking a new mortgage, incurring prepayment penalties and higher interest rates, Buyer A’s mortgage has a portability feature.
Buyer A transfers his mortgage, on its original terms, to the new property. The interest rate will remain at 4%, there will be no prepayment penalties and the mortgage term will have 3 years remaining. Buyer A will pay a few hundred dollars in bank fees for the privilege to transfer the mortgage.
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Advantages of a Portable Mortgage
* J( ]; R# P' m) g" x2 O$ U# `1 gA portable mortgage feature has several advantages for the right homeowners. If a homeowner has locked in to a low rate when mortgage rates are low, but then has either the need or the desire to purchase another home, the low interest rate is retained.

Prepayment penalties can be severe, up to 3 monthly payments or the cost of increased interest in the remaining term of the mortgage. These amounts can equal several thousands of dollars.

In addition, many of the costs associated with obtaining a new mortgage might not be charged. However, you might expect an appraisal fee for the new property, as the mortgage lender must be assured that the loan-to-value ratio meets their requirements.

At First Foundation, all of our mortgage products have portability features and we can explain their benefits when assessing your mortgage needs.

SNOW.W

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