Porting a Mortgage during Consumer Proposal
What is the chance of my lender (FirstLine) allowing me to port my mortgage while under Consumer Proposal? I`ve recently had my mortgage renewed and am 1 year into a 4 year proposal. The property would be a little less than my current property and I would have enough from the sale to pay off the Consumer Proposal. Should I ask them or will it bring up a `red flag`? Thanks.
Posted from: Ontario
It costs you nothing to ask… if you are in good standing and you meet all of the lenders criteria then there’s no reason for them to refuse your request. It is literally up to the lender to decide.