Porting Your Mortgage When You Move

What porting actually does

Porting lets you transfer your existing mortgage — its current rate and remaining term — to a new property, instead of breaking it (and paying the break penalty) and starting fresh with a new mortgage at current rates. If your existing rate is lower than what's currently available, porting can be a meaningful saving, both on the penalty you'd otherwise pay and on the rate itself.

The conditions that trip people up

• You still need to requalify — porting isn't automatic just because you had the mortgage before; the lender reassesses your income, credit, and the new property under current underwriting rules, including the current stress test.
• Timing matters — most lenders require the sale of your old home and purchase of the new one to close within a specific window of each other, often 30 to 120 days depending on the lender; miss that window and porting may not be available.
• If the new home costs more, you'll likely need a "blended" arrangement — porting the existing amount at the old rate, with any additional amount needed at current rates, resulting in a blended rate rather than your full original rate.
• Not every lender or every mortgage is portable — confirm this is actually an option with your specific lender and mortgage before counting on it.

Who to ask

Talk to your existing lender or mortgage broker as early as possible once you know you're planning to move — the timing constraints mean this isn't something to figure out after you've already listed your home. Ask specifically about the blended-rate calculation if you'll need additional funds, since that math isn't always intuitive and directly affects whether porting is actually the better option versus simply starting fresh.

Compare your ported vs. new mortgage scenarios on the mortgage payment calculator.

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