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Portable mortgages are a type of mortgage loan that you can move from one property to the next. This type of mortgage can be very beneficial to those that move around frequently. Here are the basics of portable mortgages and some of their advantages.
With this type of mortgage, you are not going to have to take out a new loan every time you change houses. You can actually keep the same mortgage at the same interest rate every time that you purchase a property. Typically, these mortgages carry with them a slightly higher interest rate than what you could get for the same mortgage without the portability feature.
This type of mortgage can be great for those that have to move frequently because of their jobs. With this type of loan, you are not going to have to pay closing costs every time that you get a new mortgage. Therefore, you are going to save thousands of dollars every time that you move. Another big advantage to this type of loan is that you are going to be protected from interest rate increases. If you are forced to move without this type of mortgage, you are going to be subject to market interest rates when you get your new loan.
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