“Porting” your Default Insurance Fee

Canadian banks are required by law to insure “high ratio” mortgages against default. “High ratio” refers to mortgages with less than a twenty percent down payment. Default insurance is typically provided by companies such as Canada Mortgage and Housing Corporation (CMHC), Canada Guaranty (CGI), or Genworth Canada. Insurers provide a safety net for banks by […]

Porting Your Mortgage

Pack up and port your mortgage

You packed your dishes, furniture and the rest of your belongings, but what about “packing up” your mortgage and moving it to your new home? If you’re moving, taking your existing mortgage to your new home can often save you money on interest and other charges. Most lenders offer the flexibility to box-up your fixed […]