Are you considering a move but still have time left on your current mortgage term? Many people assume they must break their mortgage —but porting your mortgage may be an option worth exploring.

Porting allows homeowners to transfer their existing rate and terms to a new property. It can be a great way to preserve a favourable rate and avoid prepayment penalties, but there are some important factors to keep in mind.

Key Considerations to Consider

1. Your current mortgage must allow porting
Not all lenders offer portable mortgages, and variable-rate products often come with restrictions. Before you get too attached to a plan, confirm that your contract and lender allow porting.

2. The new property must meet lender guidelines
Lenders may decline porting if the new home has property issues, is outside an approved region, or doesn’t align with their risk appetite.
Timing also matters—most lenders have a specific window (often 30–120 days) in which the sale and purchase must close.

3. Your financial situation must still qualify
Even though you have an existing mortgage, you’ll need to requalify.
Any changes—employment changes, major purchases, or drops in credit score—can impact approval.

4. Price differences between properties can change the strategy
If the new home is more expensive, you may require a port-and-increase, where the lender blends your existing rate with today’s rate.
If the new home is cheaper, fees could apply, and approval may still be impacted.