03 Mar 2021

Portable Mortgage: Home Buying Negotiating Tips and Mortgage Options

Portable Mortgage: Home Buying Negotiating Tips and Mortgage Options


The typical home loan length is 15 and 30 years. Most homeowners only hang on to their mortgages for seven to ten years. The days of living in the same house for 30 years are fading away. This has led to the Portable Mortgage. To keep your initial mortgage amount low, solidify your home buying negotiating skills.

Portable Mortgage

When you buy your home, you probably imagine yourself living there through your retirement. Things change, especially if you are newly married or starting to grow your family. Life has a funny way of throwing curveballs at you as well. Job relocation, career change and aging parents fall on your lap, and it impacts your living situation. If you need to move for any reason, a portable mortgage is your friend.

The portable home loan follows you instead of the home. You can buy another house and use the remaining loan terms to pay for it. Before you try to make a property change, double check the conditions of your current mortgage. The portable-type is still fairly new, so all mortgages do not include the clause.

To find out if your current home loan allows you to move it to a new home, contact our team. If you are interested in attaining a Portable Mortgage, we are ready to help, too.

Negotiating 101

Everything is negotiable including the initial price of the home you want to buy. As the buyer, you want a low price, but the seller wants to make a profit. Thus, you need to figure out how to meet the seller in the middle. 

A successful negotiation begins with preparation. First, get your finances in order. Then, complete due diligence for the property. If you are a financially attractive candidate, the seller may be willing to take a lower price. Pre-approval and pre-qualification letters go a long way. Candidates who are knowledgeable about the market, especially the home’s neighbourhood, have information on their side.

Find out why the seller is selling the property. Their situation might be financial distress, which you can use to finagle a favourable price.  The information tells you how quickly the seller wants to close, too. 

Next Steps

Negotiating a favourable home price allows you to take on less financing. Less financing gives you a figurative savings. As you pick out your home loan, ask about a Portable Mortgage, too. 

Portable Mortgage Conclusion

A portable mortgage is a nice safety net in case you have to move before the 15- or 30-year period. For more information about this and other home loans, contact our Mortgage House team.

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