Porting a Mortgage
Definition
Porting means carrying your existing mortgage — its rate, balance, and remaining term — to a new property when you move, instead of breaking it and paying a penalty.
How it works
Porting is valuable when your current rate is lower than today's rates, because you keep the old rate on the ported balance rather than repricing the whole mortgage at market.
If the new home needs a larger mortgage, lenders blend: your existing rate on the old balance and the current rate on the new money are combined into one blended rate. You must still requalify, since the lender is approving a new property and current finances.
Timing rules matter. Most lenders allow 30 to 120 days between the sale and the purchase, and missing that window means the penalty applies. Porting terms are set in your original contract, so they are worth checking before you list.
Quick facts
- Keeps your existing rate and avoids the penalty.
- Additional funds are blended at current rates.
- Sale and purchase must usually close within 30–120 days.
Put this into practice
Still have questions about porting a mortgage?
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