The Canadian mortgage market continues to evolve by offering more innovative financial packages. The Government of Canada has worked closely with financial institutions to create a rich environment for home ownership. The latest cutting-edge financial loan that may be available at your mortgage investment corporation is the portable mortgage.
“What is a Portable Mortgage?”
A normal mortgage provides capital at a specified interest rate for a specified period of time for a homeowner at the designated property. The portable mortgage allows the homeowner to transfer the terms and conditions of the contract from an old property to a new property without incurring penalties. This offers many key benefits for both the mortgage lending institution and the homeowner.
“Good Reliable Homeowner”
Your credit score rewards you for being dutiful in repaying your financial commitments. Likewise, the portable mortgage rewards you for being a solid, reliable, creditworthy customer. The financial institution has profited from your relationship and would like to continue to have you as a customer.
“If it is not broken, don’t fix it.”
There is no need to go through the entire application process again and charge an extra fee simply because the homeowner wants to move. The lending institution has already gone through the vetting process and found a trustworthy customer. The deep relationship has been established and been profitable for all parties.
Simply transfer the mortgage rates and make all parties happy. The creditor does not want to lose this valuable customer. The portable mortgage is like a “customer appreciation reward.”
“Mobile Canadian Workers”
A successful business man might receive a promotion and need to relocate. A daughter might need to return to her hometown because of an ailing parent. Portable mortgages are like credit card lines of credit that stay with you.
Nothing really has changed when a Canadian wants to relocate. He is still the same creditworthy customer; the portable mortgage travels with you wherever you may roam.
“Natural Life Housing Cycle”
Housing should mirror your life. When you are single, you might prefer a small apartment or condominium. A couple will need just a few rooms to enjoy their lives. The family will need a larger house and backyard. The empty nester will want a dwelling that is easy to maintain.
Just as a good family doctor will understand all of your family’s aches and pains, the portable housing loan relationship can be a comprehensive package that fulfills all of your lifetime housing needs. The lender keeps a valuable customer and the homeowner keeps a good creditor. First-time home buyers who are focused on the long-term, can ask if their lender offers a portable loan.
The portable mortgage also creates a higher class of mortgage investments. These are low risk, secure and have a dependable, verifiable mortgage repayment stream. So, as the days of your lives pass by, you might want to simply stay with a portable mortgage that remains with you. Check out the portable mortgage that is as mobile as you are.