Allows a borrower to transfer a mortgage from one property to another, while keeping the same rate. However, the borrower must pay a premium on other loans of commensurate value, as well as appraisal fees and title insurance at the time of transfer.
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Oct 6, 2003 ... A portable mortgage is one that can be moved from one home to ... There are two major benefits of a portable mortgage to the borrower. One is ...
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A portable mortgage allows a home buyer to buy his or her next home without having to pay closing costs, and without an increase in the interest rate.
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Portable Mortgage Mortgage that allows the borrower to transfer the outstanding balance of an existing mortgage loan at the same rate when selling one.
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Definition of portable mortgage: Allows a borrower to transfer a mortgage from one property to another, while keeping the same rate. However, the borrower ...
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Sep 6, 2012 ... Mortgage Brokers (http://mmibrokers.com/) Portable Mortgage In a portable mortgage, you get to keep your current mortgage and interest rates ...