Can I port my mortgage to another home?
Want to take your low mortgage rate with you when you move? Here’s the straightforward play.
Quick answer
Yes — in many cases you can port your mortgage to another home. Mortgage portability (port my mortgage to another home) lets you transfer your existing mortgage rate and terms to a new property, avoiding early prepayment penalties and locking in a rate you already like.
How mortgage portability works
Mortgage portability means the lender agrees to move your current mortgage balance and rate to a new property. Lenders review the new property, your income, credit, and the combined loan-to-value. Some mortgages allow full portability, some allow partial transfers, and some don’t allow it at all.
Key terms: mortgage portability, port mortgage, port my mortgage to another home, assumable mortgage, lien.
Benefits of porting your mortgage
- Keep a lower interest rate and avoid breaking your mortgage early.
- Save on prepayment penalties that can cost thousands.
- Maintain existing mortgage terms (length, amortization) that work for you.
Potential challenges and liens to watch for
- Lender approval: you must still qualify under the lender’s current rules.
- Property suitability: the new house must meet lender standards.
- Top-up needs: if you need a larger mortgage for the new home, lenders may combine your ported mortgage with new financing at current rates.
- Mortgages & liens: existing liens, second mortgages, or title issues can block portability until resolved.
Actionable steps to port your mortgage (do this now)
- Review your mortgage contract for a portability clause. If unsure, request a copy from your lender.
- Calculate your gap: current mortgage principal vs funds needed for the new home.
- Talk to your lender early — get pre-approval to port.
- If you need extra funds, ask about a blended or hybrid solution: port the existing balance and add a new mortgage for the difference.
- Clear any liens or title issues before closing.
- Work with a mortgage-savvy realtor to speed negotiations and align closing dates.
Real, usable example
You have $300,000 at 2.75% fixed with two years left. You find a new house that needs a $350,000 mortgage. A lender might let you port the $300,000 at 2.75% and add a new $50,000 mortgage at today’s rate. That saves you the penalty and keeps most of your low-rate debt.
Why use a local mortgage expert
Porting a mortgage involves paperwork, lien checks, and lender negotiation. A local professional who knows mortgage portability and Mortgages & Liens will speed approvals, spot lien risks early, and deliver solutions like partial ports, rate blends, or timed closings.
For direct help with porting a mortgage, liens, or pre-approval strategy, contact Tony Sousa — a local realtor and mortgage-savvy advisor who handles these transfers every week. Email: tony@sousasells.ca | Phone: 416-477-2620 | https://www.sousasells.ca
Porting isn’t automatic — but when it’s available, it’s often the fastest, cheapest way to keep your rate. Start the conversation early and get professional help.
