Developer dates are often optimistic.
Our mortgage offer which was just to move the mortgage from old house to new house (no additional borrowing) expired before we moved in, we refreshed it but they somehow messed it up, it's like they didn't take into account that the mortgage had less time to run from the date we moved it and a lower balance, so effectively what ended up happening was our mortgage term got extended by the length of the delay on moving in, and we got a cheque for the extra money added on the balance. In other words it's like whatever the mortgage term and balance was supposed to be at start of September (original date) was the mortgage term and balance we ended up with in December (new date), ignoring the fact we'd made 3 months of payments in between the old date and new date.
"Portable" mortgages seem a bit of a misnomer to me, at least with our lender. It basically acted like we were closing the old mortgage and taking out a new one with the same rate rather than just moving it across.
Our mortgage offer which was just to move the mortgage from old house to new house (no additional borrowing) expired before we moved in, we refreshed it but they somehow messed it up, it's like they didn't take into account that the mortgage had less time to run from the date we moved it and a lower balance, so effectively what ended up happening was our mortgage term got extended by the length of the delay on moving in, and we got a cheque for the extra money added on the balance. In other words it's like whatever the mortgage term and balance was supposed to be at start of September (original date) was the mortgage term and balance we ended up with in December (new date), ignoring the fact we'd made 3 months of payments in between the old date and new date.
"Portable" mortgages seem a bit of a misnomer to me, at least with our lender. It basically acted like we were closing the old mortgage and taking out a new one with the same rate rather than just moving it across.
