Question about selling house to move

[nonofyobiz]

i bought my house new 2 years ago in calgary and now i'm in a situation where I am working elsewhere and it may turn into something permanent. i'm wondering how it works with the mortgage when you sell your house to move to another city. I'm currently locked into a 5 yr fixed mortgage, and haven't really paid down the mortgage at all - just alot of interest. It would cost me a bundle of cash to opt out of the mortgage and pay the penalty. So basically i have no equity but the new place would be cheaper than my current mortgage. I think i would have problems getting approved for a new mortgage as well as my financial situation has changed. Would the bank just let u transfer your mortgage to a house in the new city? I know, seems like an excellent question for a bank but i'm just wondering if anyone else has been in this boat as me.

anyways, the move wouldn't be for a while but gotta start thinking about it i guess.

[barmanjay]

Definitely talk to the broker that fixed you up with the mortgage.

There is a chance that your mortgage is portable. Meaning you can sell if you buy around the same price point and the mortgage will just move over.

There may be a porting fee, but it'll be less than paying your early buyout fees.

Every situation is a little different and different lenders have different programs. Best to talk to the broker that got you the mortgage.