Is a down payment required when porting your mortgage to new home?

When you sell a home with a mortgage on it, your current lender will not release the title to the property without the loan being paid off. You would need to put an offer on a property, contingient upon your current home selling. Same with finding a loan. They will assume your home will be sold, and they wont count the payment against you. Then when your home sells, they will fund your loan and you will be able to move into your new home. Please give me a call if you have any questions or for a free consultation. Thank you.

Are you stating that your present mortgage balance is $150,000?

Porting a mortgage is typically allowed but very rarely an option that is used. You and the new property would still need to qualify through underwriting as a new loan but could possibly save you money on some of the fee's. I believe the general answer to your question is Yes but that will ultimately be determined by your current lender. When did you take out the current mortgage and what are the terms? Porting may not be worth the hassle depending on the overall scenario.