Chip Fernandez
Real Estate Investor, Broker and Land Acquisition Specialist
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Here's a list of companies that MAY allow mortgage "porting".Bank of AmericaWells FargoChaseU.S. BankPNC BankFirst Republic BankCapital OneQuicken LoansMortgage Porting is the process of transferring your existing mortgage from one property to another. This allows you to keep your current interest rate, term, and other terms and conditions when you move.Porting is a good option if you have a good interest rate on your current mortgage and you don't want to pay any early repayment charges. However, it's important to note that not all lenders allow porting, and even those that do may have restrictions.Here are some of the benefits of mortgage porting:You can keep your current interest rate, which may be lower than current market rates.You can avoid paying early repayment charges.The process is relatively simple and straightforward.Here are some of the drawbacks of mortgage porting:Your lender may not allow porting, or they may have restrictions.You may have to pay porting fees.Your mortgage terms may change, such as your interest rate or term length.Overall, mortgage porting can be a good option if you're looking to move and you want to keep your current interest rate. However, it's important to weigh the pros and cons carefully before making a decision.Here are some of the factors to consider before porting your mortgage:The interest rate on your current mortgage.If the interest rates have gone up since you took out your mortgage, porting may allow you to lock in a lower rate.The fees associated with porting.Some lenders charge fees for porting, so you'll need to factor those into your decision.The terms of your current mortgage.If you have a fixed-rate mortgage, porting may allow you to keep that rate. However, if you have an adjustable-rate mortgage, porting may mean that your rate will become variable.The value of your new home.Some lenders may only allow porting if you're buying a home of equal or greater value than your current home.Your credit score.Your lender may require that you have a good credit score in order to port your mortgage.If you're considering porting your mortgage, it's important to talk to your lender to see if it's an option for you. They can help you determine if you qualify and what the process would entail.
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14 Comments
Curtis Waters
Real Estate NC SC - I create Passive Income so you can buy back your time • Experienced Real Estate Professional • Educator & Leader • Super Networker • Business Owner • Broker-in-Charge
6mo
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Chip - some FB groups are showing this post as proof of mortgage porting. Where in the US have you closed a ported mortgage?
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Greg Rosamond
Principal Owner at Mayes County Real Estate
7mo
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Can mortgage porting be done on a government backed loan? FHA, VA, USDA-RD, Fannie Mae, Freddie Mac, etc?
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Somayeh Moazeni
Associate Professor, Optimization and Data Analytics, School of Business
3mo
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More on mortgage porting here: https://medium.com/@mayachristie/what-are-mortgage-porting-a067c56bde30
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Jamis O'Brien
I Grow Managers!
7mo
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Mortgage porting (transferring) is big in Europe, but many lenders in the US won’t allow it
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Victoria Ronnau
Retired
6mo
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Has anyone in the US completed a mortgage port loan? Particularly Wells Fargo?
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Gerald McCann
"MCCANN is the MAN" for all of your Real Estate needs!!!
2mo
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Can you port your mortgage from one state to another?
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Mark Taylor
Mortgage Loan Officer @ Movement Mortgage | Providing Tailored Financing Solutions
4mo
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No one ports mortgages in the US that I am aware of. Canada and Europe are a different story.
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Augment Analytics
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