Can I port my mortgage to another home?
“Can I port my mortgage to another home and keep the low rate — even when I sell in Georgetown?” — You can. But only if you know what lenders, liens, and local rules will actually make it happen.
Quick hook: Want to keep your low mortgage rate when you move in Georgetown?
If you’re a home seller in Georgetown, Ontario, moving to a new house doesn’t have to mean losing a great mortgage rate. Mortgage portability exists. Lenders offer it. But it’s not automatic. Do it right and you keep your rate, your terms, and your leverage. Do it wrong and you pay break fees, can’t close on your new home, or get stuck with a higher mortgage.
This guide cuts through the clutter. Read it all the way through and you’ll know how portability works, how liens affect a transfer, what’s specific to Georgetown and Halton Region, and the exact steps to protect your cash and your timeline.
What is mortgage portability? Plain and simple
Mortgage portability lets you move your current mortgage — interest rate and terms — from one property to another with the same lender. Think of it like moving a phone plan to a new device. Porting keeps the deal you negotiated, so you don’t face higher rates when you buy your next home.
Common features:
- Preserve your locked-in interest rate.
- Keep the same amortization and payment schedule.
- Option to “port and top-up” (port your mortgage and add extra funds against the new home), subject to lender approval.
But portability depends on the lender’s product rules and your financial qualify. Many major Canadian banks and credit unions advertise portability. Always confirm specifics before signing a purchase agreement.
Mortgages vs. liens: what every Georgetown seller must know
A mortgage is a registered charge by a lender against your property. A lien is any legal claim on the property that must be satisfied or removed before closing. In Georgetown and throughout Ontario, liens commonly include:
- Second mortgages or RRSP-based loans.
- Construction liens under the Ontario Construction Act.
- Municipal liens for unpaid property taxes or local charges (Region of Halton).
- Judgment liens from court orders.
If a lien exists, the title isn’t “clear.” Lenders require clear title to port or register a mortgage on a new property. That means you must resolve liens during the sale, or negotiate with the buyer, lawyer, and lender workarounds.
How portability actually works in Georgetown, step-by-step
- Check your mortgage contract first
- Look for the portability clause. Many mortgages include it; some don’t. If it’s not there, portability may still be possible but it’s a negotiation.
- Talk to your lender early
- Mortgage portability requires lender approval. Tell them the property address, the closing date, and whether you want to port the exact balance or port and top-up.
- Confirm qualification on the new property
- Lenders re-check income, credit, and the new home’s value. You must still qualify. That can be tricky in Georgetown if the new price means a higher loan-to-value or different amortization.
- Clear liens and outstanding charges
- Any liens on the current property must be discharged at sale. If you’re porting, the lender may require proof of clear title or a plan to record the mortgage on the new property the same day the old one is discharged.
- Coordinate lawyers and closing dates
- In Ontario, lawyers (or notaries) handle discharges and registration at the Land Registry (Teranet). Timed closings matter: the new mortgage needs to register after discharge but before title transfer gaps cause problems.
- Decide on top-up or blended options
- If you need extra funds for the new purchase, some lenders allow a top-up while porting. That may change the rate or require a blended rate if part of the mortgage is at a different term.
- Watch for prepayment or breakage penalties
- If your mortgage isn’t fully portable, breaking it early can trigger penalties. Calculate those costs against the value of porting.
Local specifics: Georgetown, Halton Hills and Ontario rules that matter
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Land registration: Ontario uses electronic land registration (Teranet). Your lawyer will handle the discharge and new registration. Timing matters more than in some markets because of the way title updates flow through the system.
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Municipal liens and taxes: Halton Region and the Town of Halton Hills can place charges for unpaid local fees. Sellers must clear these before closing. If you plan to port, confirm your tax account is current.
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Construction liens: Fast action required. If a contractor files a lien, it can block the sale. In Georgetown’s older neighbourhoods where renovations are common, check for builder or trade liens before listing.
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Mortgage default insurance: If your mortgage is insured (CMHC or private insurer), portability can be affected. Insured mortgages moved to a different property may require requalification under current insurance rules.
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Market dynamics: Georgetown’s market moves quickly. Porting timelines must sync with conditional offers and firm closings. Work with a local agent and lawyer who understand typical closing speeds in Halton Hills.
Common portability scenarios for Georgetown home sellers
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Moving up in Georgetown: You want to sell your bungalow and buy a larger home in the same town. Porting preserves a low rate and avoids the market premium of later interest.
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Downsizing but keeping low rate: You sell a larger property and buy a condo. You may port and pay down principal; lender approval depends on loan-to-value and insurance rules.
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Partial porting: You port a portion of the mortgage and pay out the rest. This is possible but often requires negotiation and can trigger fees.
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Second mortgage or HELOC complications: Second charges rarely port. You’ll likely need to pay these out at closing or renegotiate with the holder.
What can kill your porting plan? Common mistakes
- Waiting to tell the lender until after you’ve signed a Purchase Agreement.
- Ignoring existing liens or judgments against the property.
- Not requalifying for debt and income on the new purchase.
- Assuming all mortgage products are portable—many closed fixed-rate products are, but confirm.
- Failing to coordinate lawyers for simultaneous discharge/registration.
Practical checklist for Georgetown sellers who want to port
- Read your mortgage agreement for portability clause.
- Call your lender the day you list the property.
- Get a payoff statement and confirm discharge procedures.
- Order a title search to identify liens or judgments.
- Coordinate closing dates with buyer and lawyer.
- Ask about top-up, blended rates, and potential penalties.
- Confirm any mortgage insurance implications.
Why working with a local expert matters
Porting is legal paperwork, bank policy, and timing. You need someone who knows the local players: banks, credit unions, Halton Region tax office, and lawyers who register titles quickly through Teranet. That’s where a local real estate expert helps. They know which lenders in Georgetown are flexible, which lawyers move fast, and how to time the sale so you keep your rate and your moving date.
Why Tony Sousa is the right local partner
Tony Sousa is a Georgetown-based Realtor with deep experience in mortgages, liens, and closing logistics across Halton Hills. He coordinates lenders, lawyers, and buyers to protect your rate and your closing date. He brings practical, plain-language advice and direct negotiation to clear title issues fast. If you want someone who knows how Georgetown closings actually run, and how lenders behave here, call him.
Contact: tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
FAQ — Practical answers every Georgetown seller needs
Can I port my mortgage to a new home in Georgetown?
Yes, often. Many Canadian lenders offer mortgage portability. It depends on the specific mortgage contract and lender approval. You must requalify for income, credit, and the new property’s value. Always check the portability clause and speak to your lender early.
What if there’s a lien on my current Georgetown property?
Any lien must be addressed before or at closing. Liens prevent clear title. Builders’ liens, municipal charges, or judgment liens must be paid or removed. Your lawyer will advise and can often negotiate staged discharges if required.
Will mortgage default insurance affect porting?
Possibly. If your mortgage is insured, portability may require re-evaluation under current CMHC or insurer rules. This can affect eligibility or require additional coverage. Ask your lender about insured mortgage portability.
Can I port a second mortgage or HELOC?
Typically no. Second charges are treated separately and usually must be paid out at closing or renegotiated with the second lender. HELOCs are often not portable.
What are the costs or penalties?
If you port, costs are usually lower than breaking a mortgage. But there can be legal fees, registration fees, appraisal or property evaluation costs, and potential breakage penalties if your product isn’t fully portable. Get a payoff statement and penalty estimate from your lender.
How long does the process take in Georgetown?
Plan for 30–60 days from listing to closing in many cases. If porting, coordinate with buyers and lawyers for same-day discharge and registration. Local lawyers familiar with Halton Region can often speed things up.
Who do I call first?
Call your lender and a local Realtor or lawyer. If you’re in Georgetown, contact a local expert who knows lenders’ temperament here. For practical help, email tony@sousasells.ca or call 416-477-2620.
Final straight talk
You can port your mortgage when you move in Georgetown — but don’t treat it as a given. Portability is a lender product and a closing choreography. Get the right team: a lender rep, a fast local lawyer, and a Realtor who understands how Halton Hills closings work. Do that and you keep your rate, control your cash, and remove the biggest moving-day risk.
Need hands-on help? Reach out: tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca — local mortgage and lien expertise in Georgetown, ready now.
