There are several key features that you should look for when getting a mortgage. One of them is whether the mortgage is "portable". This means that if you purchase a new home prior to your current term being up, you can simply bring your mortgage to your new home without having to pay the payout penalty. Typically the sale of your current home and purchase of your new home have to happen within 60-120 days (again, depending on your lender). Every lender will have different policies but generally you will have 2 options. 1) If you keep all of the terms of your mortgage the same (without increasing the balance), then you can typically keep your current rate. If you are downsizing then this can be great, however if you are looking to increase the mortgage amount then your down payment will need to cover the difference between your current mortgage amount and the property purchase price. Alternatively, you could consider a small second mortgage or option #2. 2) They will
