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“My experience is that the big banks are far superior to the monolines when it comes to porting the mortgage. Try getting a bridge loan with some monolines and their silly restrictions. Their porting restrictions are there to force the client to break the mortgage,” one anonymous commenter wrote in response to a mortgagebrokernew.ca news story
. “The big banks give you up to six months in some cases to port. Good luck getting this with monolines. Further, some of the big banks allow for multiple tiers within a mortgage so that the client does not need to blend and extend like the monolines require you to do.”
Take our poll and let us know about your own experiences in the comments section below.
When it comes to porting a mortgage who reigns supreme, monolines or banks?