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Understanding your options
When you’re moving to a new home, how do you handle your current mortgage? You may need to refinance and get additional funds, or move your mortgage to your new home. Whatever your needs are, speaking with one of our mortgage planners will help you choose which method is right for you.
Transfer your mortgage from home to home
Peoples Bank offers homeowners the option to transfer their current mortgage to the next home. With a portable mortgage, you can transfer its interest rate along with its existing terms and conditions.
- If there’s a port increase, you can borrow additional funds.
- If there’s a port decrease, normal payment rules apply.
Break your existing mortgage and get a new one
The main reason to break your mortgage is to obtain a lower interest rate. Perhaps a job relocation or family changes are requiring you to move.
Refinancing your mortgage could save you money in interest; however, you may incur fees or penalties. For closed mortgages, use the calculator below to calculate your prepayment penalty.