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Downsize while in proposal

I am one year into my proposal, but thinking about downsizing my house to save even more to pay it off quicker.

Would I be able to sell my current house, and buy a smaller one, porting my current mortgage over?

Posted from: Ontario

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One Response to “Downsize while in proposal”

A licensed trustee said...

There is no legal reason why you can’t do this, but before you get too far down this path go and speak to your mortgage company. Make sure they will allow you to port the mortgage and they approve of your plan. Due to the proposal, your mortgage company may not approve any changes to your current arrangemnbt (even though it might make financial sense to do so).