Can I port my mortgage to a new home?
Keep your rate when you move: Can you really port your mortgage to a new home?
Quick answer
Yes — in many cases you can port your mortgage to a new home. Mortgage porting (mortgage portability) transfers your existing mortgage rate, terms, and sometimes balance from one property to another. It’s a great move when your current rate beats today’s market. But it’s not automatic. Lenders set rules and you must qualify again.
How mortgage portability works
Mortgage portability lets you move your mortgage from your current property to a new purchase with the same lender. You notify the lender, apply to port, and the lender verifies income, credit, and the new property value. Options include:
- Full port: transfer the whole mortgage balance and rate.
- Partial port: move part of the mortgage and pay down or get a new mortgage for the rest.
- Port and refinance: blend your old rate with a new amount at current market rates.
When porting makes sense
Porting is smart when:
- Your existing rate is lower than current market rates.
- You want to avoid high prepayment penalties.
- Lender approval is likely based on income and property value.
- You’re buying a similar-priced or higher-priced home (or can combine with a new mortgage).
When not to port
Don’t port if:
- Current rates are lower than your old rate.
- You can refinance to a much better deal with lower fees.
- Your income or credit has worsened and you won’t qualify.
- The new property doesn’t meet lender requirements.
Common obstacles and costs
Expect these checks and charges:
- Requalification: lenders will check income, credit, and debt service ratios.
- Appraisal: the new property usually needs valuation.
- Timing: closings must align. If your sale and purchase don’t match, you may need bridge financing.
- Porting fees or admin charges; if you add funds you may pay a higher blended rate.
- Prepayment penalties if you break part of the loan to refinance.
Step-by-step: porting your mortgage
- Ask your lender about porting policies early.
- Get a firm pre-approval or portability commitment.
- Hire a local mortgage professional to run comparisons (port vs. refinance).
- Arrange appraisal and satisfy lender conditions.
- Coordinate closing dates and finalize the transfer.
Fast action checklist
- Compare your current rate vs market rate.
- Calculate penalties vs savings.
- Confirm lender’s portability rules.
- Secure pre-approval for the new property.
If you need a practical, fast evaluation, call Tony Sousa. He’s the local realtor who guides buyers and sellers through mortgage portability, lender conversations, timing and negotiations. Get a clear, no-fluff recommendation: tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
Porting can save thousands when done right. Don’t guess — get the facts, run the numbers, and pick the path that keeps your costs lowest and your move simplest.
