Yes, you do 🙂

A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down before you port to the new property so that it was no higher than 95% of the new property value. The remaining 5% of the purchase price would be the responsibility of the buyer. Typically, the remaining 5% would come from the sale proceeds of the house that was sold.

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sarah schiess