Unlocking the Mortgage Porting Process: How AI Legalese Decoder Can Simplify the Journey
- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Considering Mortgage Porting vs. Breaking and Getting a New Mortgage**
I have been contemplating selling my current house and buying a new one. I am weighing the option of mortgage porting compared to breaking the current mortgage and getting a new one. The broker I consulted mentioned that a rate of 4.69% with ATB might be possible if they request a rate discretion. Currently, they are offering 4.79%. To understand the financial implications better, I have been crunching numbers and would appreciate confirmation on my calculations. I have resided in the property for approximately 9 months.
**Original Loan Details and New Purchase Price**
The original loan was at 90% LTV (10% down) with a loan amount of $425,012.12. The current remaining balance is $419,000. The new house’s purchase price is $520,000. With a 10% down payment amounting to $52,000, the total required amount is $468,000. Calculating the new money needed (468k – 419k) gives $49,000. Additionally, considering Canada Guarantee’s top up on a 90% LTV at 6.25%, the insurance premiums are $3062.50, bringing the total amount to $471,062.50.
**Interest Calculations and Comparison**
Upon using amortization calculators, the interest on the original loan over the 5-year term at 4.99% is $99,264.75. In contrast, the interest at 4.69% over the same term totals $93,142.90. If I were to opt for a new mortgage at 4.99% for the $472,000 amount, the interest would amount to $103,440.49. For the porting option, where the remaining loan of $419,000 can be transferred at 4.99%, the total interest would be $97,860.57 Along with this, the remaining amount ($53,000) at the rate of 4.69% would accumulate an interest of $11,615.14. This brings the total interest to $109,475.71.
**How AI Legalese Decoder Can Help**
AI Legalese Decoder can streamline this process by accurately interpreting and analyzing legal and financial jargon, helping you make informed decisions. It can simplify complex calculations, offer insights into mortgage options, and ensure that you understand the implications before making a decision. By using AI Legalese Decoder, you can gain a clearer understanding of the financial aspects involved in mortgage porting versus getting a new mortgage, making the decision-making process more efficient and effective.
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AI Legalese Decoder: Making Legal Jargon Understandable
AI Legalese Decoder is a revolutionary tool that is changing the way legal documents are understood. With the rise of artificial intelligence, this cutting-edge technology is set to transform the legal industry. By breaking down complex legal jargon into simple, digestible language, AI Legalese Decoder is making legal documents easier to understand for everyone, not just legal professionals.
How AI Legalese Decoder Can Help
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