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home > home mortgages > purchase > articles > how to move easy - part 2

How to move easy with a home purchase mortgage loan - Part two

This is Part Two of an article that talks about how to get a home purchase mortgage loan that is easy to deal with if you want to move to a new home. (If you haven't read Part One, and you'd like to, click here.)

See if your home purchase mortgage loan can be "Portable"

A sure way to make sure your new 'purchase-mortgage -loan' doesn't turn sour on you when you try to move, is to ask your broker if your home loan can be 'portable.'

When your home purchase mortgage loan is 'portable' it means that you can take it with you to use on the new home that you move to.

By getting a purchase mortgage-loan that's portable, you can save yourself some dough when you go and move to a new home property. How?

You don't have to 'pay-out' that portable purchase mortgage loan. And paying out a home purchase-loan usually costs money - cause you usually gotta pay your mortgage lender a 'financial penalty' for doing so. Especially if you try to get rid of your current loan and move to a new home before your 'term' on your current mortgage loan is over. So when you get a home purchase mortgage loan that's portable - you save money by not having to pay those penalties when you move.

Also, if you went and got a non-portable purchase mortgage loan - in order to move to a new home, you'd have to pay-out your non-portable loan, and then go and get a totally new purchase mortgage loan for your new home. So you'd have to go through the process of getting a home mortgage loan all over again for your new home property. And when you get a brand new mortgage there are closing costs you have to pay. Eeeew. And there's also no guarantee that you'll get a new mortgage rate that's as low as the rate you had for your previous non-portable loan.

Just so you know: sometimes The Mortgage Store Online doesn't have a say in whether your home purchase loan is portable or not. No mortgage brokerage really has total say in that. So if you're really gung-ho about getting a purchase mortgage loan that's portable - make sure to mention it to The Mortgage Store Online's broker that you're working with, right at the beginning of your mortgage process.

One final note: if you want to make a home purchase-loan "portable," the home that you get your "portable" purchase-loan for has to be 'owner-occupied' which means: you have to live in it.

Fill out the online application - and get a home purchase mortgage now!

Get more info about portable home purchase mortgage loans. Contact The Mortgage Store Online's brokers by using the home purchase contact form or by calling them at 1-866-880-2577.

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Home Mortgages: Phone: 1-866-880-2577 Fax: 1-866-270-1984
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