Porting Your Mortgage: What It Is & How It Works

Porting a mortgage lets you take your current mortgage and move it to a new property—avoiding penalties and keeping your existing interest rate (a big win if it’s lower than today’s rates).

You’ll still need to re-qualify, meaning your income, debts, and the new property must be approved by your lender.

How Porting Works

1. Buy a New Home – Find your next property and make an offer.
2. Sell Your Current Home – Your sale must be firm (no conditions left by the buyers).
3. Request to Port – We submit a request to your lender to transfer your mortgage.

From here, two scenarios:

• New mortgage is less – This is a port & decrease. If the amount is reduced beyond your annual prepayment allowance, you may pay a penalty on the extra.
• New mortgage is more – Your lender may either add a second mortgage for the difference or blend your old and new amounts into one mortgage with a weighted-average rate.

4. Closing Day – Once your new home closes, your mortgage is officially ported.

Things to Keep in Mind

• Not all mortgages are portable—check your terms first.
• If your closings don’t line up, a bridge loan may still be an option.
• Porting is especially beneficial if your current rate is lower than what’s available now.

Thinking of moving? Let’s see if porting could save you money and keep your great rate.