When buying your next home there are plenty of options available to you to get the most out of your next mortgage. Your mortgage specialist will outline all of your options and recomend your best course of action for your next move.

Most all mortgages are portable and assumable. Portable mortgages allow you to take your current mortgage with you to your next home if you do not require additional funds for your next purchase. Assumability lets your mortgage stay with your home and be registered under the new owners, as long as they qualify. A fixed rate assumable mortgage with plenty of the term left can be a terrific marketing asset to you for your prospective buyer if current mortgage rates are higher.

If rates are lower than your current mortgage rate, then this is the perfect time to get a new mortgage with very little if any pre-payment penalties to pay off your current mortgage early. This is very often what most people will do rather than porting or using assumability.

Buying your next home could mean a second home for yourself, such as a recreational property, or a home for your kids to live in while they attend university. A second home for these purposes can be purchased with as little as 5% down payment. Just imagine owning a home close to a university and building equity in an asset that continues to gain in value at the same time.

Your mortgage specialist may also inquire whether you have considered keeping your current home as a rental property. There are mortgage options available if you had intended to use the proceeds from the sale of that home to put towards the next one, and your specialist will give you a picture of what retaining that property can do for your financial future.