Looking upgrade from a townhouse to House but the bank is trying everything to get me away from porting. Is that normal?
Hi all,
I currently own a townhouse in Calgary, Ab and I am looking to make the move to a house. We have about 195k in equity between what our mortgage is and what we can sell the townhouse for. I went into the bank to explore options telling them that my number one option was to port the mortgage so we can purchase before having sold our property with the secondary option being possibly renting our current townhouse and using the equity towards the new house. I mentioned the port many times but the van agent keeps trying to push us towards the two mortgage option.
I finally got the numbers together and found out that we just can’t do the rental option because it would be $500 out of pocket on top of the increase to the new mortgage ect.. I let the bank know this and they are finally going to put through the pre-approval for the port after me asking what the steps to port would be for the 4th time. Is there any reason why the bank would be pushing us away from a port? We made it pretty clear that was our first preferred option and it was ignored multiple times.