Porting Mortgage Insurance Premiums

Did you purchase your current property with less than 20% down payment? If so, you have an insured mortgage and paid a mortgage insurance premium when you purchased your home. Not only does the insurance premium offer you security and best rates, but you also have the option to bring the insurance premium with you when you purchase a new home with less than 20% down payment. This is different from porting your mortgage and the ability to “port” your premium to your new property could save you on the insurance premiums. Additionally, you may be able to get a credit if you had your previous home for less than 2 years.

If you are looking into purchasing a new home with less than 20% down payment and you currently have an insured mortgage, please reach out to discuss the option of porting the insurance premiums paid to your new home.