We are selling our current home and relocating to the city as my husband is military and we have been posted. Our current mortgage is fairly low with about two years remaining for the term. The penalty to break our mortgage is around $900.00. If we port our mortgage over to the new property (and with the interest rate buydown that is an option based on additional funds from the posting allowance), we could waive the $900 fee and for the next two years be locked into a 1.3% interest rate with a renewal to take place in 2016. However if we don't port the mortgage we will pay the $900 penalty and have a locked in rate of 2.6% for five years.
The posting to this new area will likely be 5 - 6 years in length.
Does anyone have any advice or previous experience that they would like to share regarding this situation?
Thanks so much for your help:)
Read more: Should we port our mortgage?
