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20100830

Can I sell my house and keep currently existing mortgage?

Can you sell your house and retain a prior mortgage?

When you sell your house you have to pay back the mortgage, you can't sell your house and retain a prior mortgage. The mortgage lender lends money based on the security of the home. When you sell the condo or home the lender looses the security of the home and as per mortgage contract you have to pay off the mortgage. However if you are concerned about the penalty for early repayments because of the sale of the house you can port the mortgage if its portable. What that means is that if you pay off the mortgage the lender will charge you a penalty but if you buy another home with a specified period (usually 3-4 months) and get the mortgage from the same lender, they will refund that penalty. So it depends why you want to seep the mortgage after selling the home. If its to keep the low interest rate and save the pre-payment penalty, you can. If you just want to keep the mortgage and sell the house, its NOT possible, because the real estate is the security and the reason they lend you the money.

20091215

Interest rates to rise before Bank of Canada deadline

mortgage rates could head higher before the Bank of Canada's pledge to hold interest rates steady expires in July according to Bank of Nova Scotia. The Bank warned new home owners with variable-rate mortgages not to be influenced by the central bank's neutral statements on rates on Tuesday. The bank has pledged to hold rates at a historic low of 0.25% until the end of the second quarter of next year.

Institution Number of Coast Capital Credit Union

Institution Number of Coast Capital Credit Union

Looking for the institution number for Coast CapitalCredit Union?

The institution number for Coast Capital Credit Union is 809

It's also located on your cheque. Its always a 3 digit number for Canadian financial institutions. You can find institution numbers for most Canadian banks and credit unions on our website.

Institution Number of North Shore Credit Union

Institution Number of North Shore Credit Union

Looking for the institution number for North Shore Credit Union?

The institution number for North Shore Credit Union is 809

It's also located on your cheque. Its always a 3 digit number for Canadian financial institutions. You can find institution numbers for most Canadian banks and credit unions on our website.

Institution Number of Prospera Credit Union

Institution Number of Prospera Credit Union

Looking for the institution number for Prospera Credit Union?

The institution number for Prospera Credit Union is 809

It's also located on your cheque. Its always a 3 digit number for Canadian financial institutions. You can find institution numbers for most Canadian banks and credit unions on our website.

Institution Number of Envision Credit Union

Institution Number of Envision Credit Union

Looking for the institution number for Envision Credit Union?

The institution number for Envision Credit Union is 809

It's also located on your cheque. Its always a 3 digit number for Canadian financial institutions. You can find institution numbers for most Canadian banks and credit unions on our website.

Institution Number of Khalsa Credit Union

Institution Number of Khalsa Credit Union

Looking for the institution number for Khalsa Credit Union?

The institution number for Khalsa Credit Union is 809

It's also located on your cheque. Its always a 3 digit number for Canadian financial institutions. You can find institution numbers for most Canadian banks and credit unions on our website.
 

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