Buying a house is not only a costly process but also a very time-consuming process it is. When a person buys a house they get the best they are during that situation. The best they could get during the life stage. People grow, move, and dream. when a person earns more or less their state of living changes too. when someone buys a house it is quite boring to pass a whole life living in the same house that gets boring. that is when mortgage portability comes to the rescue. People lives, they move from place to place they explore. And when a person lives grows earns more or less their taste and way of life changes. So even if a person likes to change the house they were living it gets hard with a new mortgage or with a new bank loan all over again. So before we choose mortgage portability we should really get very deep inside of what is mortgage portability and why it is better than getting a new mortgage or a bank loan. And why mortgage agent like Saif Abdulah(https://saifabdulah.ca) TEL: (4163123546)is the best for any mortgage situation to get the best value.

WHAT IS MORTGAGE

Buying a home or usually, buying a fixed asset, it is required a lot of money. Even if someone is extremely wealthy it is still quite an excess burden to do it with any external help.

When we take a loan to buy a house but we give that house to the lender as security to keep to them till the borrower deposits the full amount is called mortgage.

 

 

WHY IS MORTGAGE BETTER THAN BANK LOAN

Getting a bank loan is like getting a high post job with huge competition and where your application is most likely to never qualify for that post. Getting a bank job is exactly like that. Getting a bank loan requires a lot of eligibility to qualify. Getting a bank loan requires a lot of papers and background checks. Also when a person takes a bank loan he has to pay a very high interest against a very small loan.

And the other hand getting a mortgage from a mortgage agent like Saif Abdulah is very easy and helpful. The mortgage has a very flexible interest rate. And the mortgage agents like Saif Abdulah make sure every client from a decent earning background gets the opportunity to buy a house with a flexible interest rate. And while getting a mortgage the paperwork gets easier because mortgage agents like Saif Abdulah is here to help with any possible difficulties.

 

WHAT DOES MORTGAGE PORTABILITY MEAN

Usually, when we hear about the word mortgage portability we often think that it is like just canceling the previous mortgage and switching that mortgage to a new home we are wanting to buy. But no, mortgage portability is first, we need to sell the house we had the mortgage for. And only after that selling that mortgage house we could switch that mortgage to a new house we want to buy with the same mortgage agreement.

 

WHY MORTGAGE PORTABILITY IS BETTER THAN A BANK LOAN OR A NEW MORTGAGE

Mortgage portability is basically when we are transferring our old mortgage to a new house to buy a new house by selling off that old house.

But if we take a bank in the midway of paying a mortgage the possibility is highest that the bank will not approve the loan. And that even if the loan gets approved the expense will be extremely hard to bear.

A getting a new mortgage midway to an old mortgage will create some issues firstly, we have to pay penalties to close a mortgage midway. Secondly, if we go to a new mortgage agent we might not get the mortgage due to the midway closing issue with the first mortgage.

That is why switching to mortgage portability is the best option where the clients get the opportunity to switch houses with just selling off the old one.

 

MORTGAGE PORTABILITY ADVANTAGES

  • As the previous mortgage is not canceled so there is no cancelation penalty.
  • Mortgage rate stays constant to the next mortgage switch.
  • when we first buy a house we get the best interest rate, but eventually if we want to switch to a new house getting that same interest rate is quite impossible, but mortgage portability gives us the opportunity to get the same interest rate for the other mortgage as well.
  • bank loan has an extremely high-interest rate, so switching to mortgage portability is a far better solution.
  • Mortgage portability gives us the opportunity to stick with the same mortgage agent like Saif Abdulah which is extremely rare to get a mortgage agent like Saif Abdulah.

 

CAN A MORTGAGE PORTABILITY GET DENIED

Mortgage portability is not as easy procedure as people make it seem to be. But a good mortgage agent like Saif Abdulah can make the process extremely easy by giving them the appropriate guideline. But yet   mortgage portability could get denied for many reasons like:

  • If the client applying for mortgage portability has lost or their income source has decreased.
  • If the client was irregular during their mortgage payment.
  • If the client has an insufficient credit score.
  • If the older property gets too damaged.
  • If the client’s bank account has insufficient funds then the mortgage portability could get denied too.

MORTGAGE PORTABILITY APPLY PROCESS

Mortgage portability needs the same application procedure, paper submission and the mortgage agent will check through the property, bank, and the workplace as well. And they usually give a certain time meanwhile the client has to apply for the mortgage portability. If the client who applied for the mortgage portability fails in any of those inquiries the mortgage lender has the full authority to cancel the mortgage portability.

HOW LONG DOES A MORTGAGE PORTABILITY TAKE

Usually, the procedure of mortgage procedure takes from one 1month to 4 months. From the application process to the property selling process has to complete between 1 month to 4 months.

WHY CHOOSE A MORTGAGE AGENT WHO SERVES IN MORE THAN ONE AREA FOR MORTGAGE PORTABILITY

Mortgage portability is something where we change our house from one place to another. It is neither necessary nor possible to switch house to same areas. As people’s taste changes so the areas could too. A mortgage is not only related to getting the ownership of the house but also related to financing, if something goes wrong the buyer has the danger of losing the house too. That is why it is important to choose a mortgage agent who will guide us through the whole procedure. If the mortgage agent we chose does not provide service areas we invested then later on we could face problems. But again Saif Abdulah mortgage agents giving us major reasons why we should definitely go for him. The areas he serves are:

  • • Thornhill.
    • Milton.
    • Concord.
    • Mississauga.
    • Kleinburg.
    • Aurora.
    • Markham.
    • Ontario.
    • Richmond Hill.
    • Oakville.
    • Newmarket.
    • Toronto GTA.
    • King City.
    • Vaughan.
    • North York.

These are the service areas Saif Abdulah mortgage agent serves.

WHY CHOOSE SAIF ABDULAH MORTAGE AGENT FOR MORTGAGE PORTABILITY

There are so many mortgage agents in the market yet Saif Abdulah is the best choice for mortgage Portability because:

  • Saif Abdulah is one of the top mortgage agents.
  • He gives his service to more than 10 areas. Which is a must need while the process of mortgage portability.
  • Saif Abdulah makes sure that his clients are satisfied with his service.
  • Saif Abdulah does not only work with you they work for you.
  • As their core intention is to bring buyer and seller together so mortgage portability is a two-way work for them which is a win-win.
  • As Saif Abdulah serves in many areas they have a vast network that comes in handy while buying a house.
  • They find the best financial solution for their clients.
  • Saif Abdulah provides the most well-known and trusted lenders.
  • They help to gather the necessary documents.
  • Saif Abdulah helps with informative information.

as a conclusion, these are the reason why we should only go to Saif Abdulah for mortgage portability.

VISIT HIS WEBSITE: https://saifabdulah.ca

TELEPHONE NUMBER: (4163123546)