Over the course of your lifetime, many of you will sell your homes to move to a larger place or simply to move somewhere else. If you’re worried about the question above, don’t be—it’s a myth! You won’t have to pay off your mortgage and automatically pay a penalty.
When you purchase your new residence, you will be able to transfer your mortgage. The property will have to meet certain requirements and your mortgage will have to be registered.
Of course, to have the penalty partially or fully refunded, some conditions need to be met. For example, there is a maximum 90-day timeframe between the home sale transaction and purchase transaction. As well, the new mortgage term must be equal to or longer than the remaining term on your previous residence.
For more information on mortgage transfers, feel free to contact our mortgage team and they will be happy to answer your questions.