When you arrange your mortgage, ask about your long-term options just in case circumstances change on the road ahead – especially should you decide to sell your home in the future. If so, the following options will prove to be very useful. Mortgage portability If you’re of moving and prefer the interest rate on your current mortgage, consider RBC Royal Bank’s option: • allows you to transfer your existing interest rate plus all the terms and conditions of your current RBC Royal Bank mortgage to a mortgage on your new home • subject to a credit review and property valuation at the time of purchase Alternately, if you need more money to pay for your new home, your new mortgage can be increased and then your existing rate is blended with the current posted rate using a “weighted” annual interest rate. Ask your mortgage specialist for details. Assumable mortgage If you plan to sell your home in the future, your existing mortgage can be an attractive selling feature for prospective buyers. If your mortgage rate is significantly lower than the rates at that time, consider allowing your buyer to take over your mortgage or “assume” it. You can make this an even more attractive proposition by buying down the mortgage rate a percentage point or two. Your buyer must meet the usual mortgage qualification requirements. Also, remember that a buyer can only assume your mortgage if you decide not to take it with you to your new home. Mortgage rate buy down If you think your house will sell faster or at a higher price or you wish to offer your potential buyer a lower mortgage rate than the current posted rate, consider buying down their rate. • you can buy down the rate by up to 3% for the remainder of the mortgage term whether the buyer takes over your existing mortgage or chooses a new RBC your existing mortgage or chooses a new RBC Royal Bank mortgage. • your potential buyer must be able to qualify for a mortgage at the then current posted rate • all you have to do is make a lump sum interest payment on the closing date of the sale of your property.