Mortgage Portability: Taking Your Mortgage When You Move

Mortgage portability allows you to transfer your existing mortgage to a new property when you move, potentially saving thousands in penalty fees while preserving your current interest rate and terms.

Avoid costly discharge penalties that can reach tens of thousands of dollars.

Maintain your current interest rate even if market rates have increased.

Mortgage portability is a feature that allows you to transfer your existing mortgage balance, interest rate, and remaining term to a new property without penalty. It's essentially "moving" your mortgage from one property to another.

• Current rate is lower than market rates

Confirm your mortgage has portability feature and review lender requirements.

Submit portability application 60-90 days before your move date.

Align your property sale and purchase dates for seamless transfer.

Not all mortgages include portability features. Check your original mortgage agreement or contact your lender to confirm availability. Some lenders may have added portability fees or specific conditions that weren't present in older mortgage products.

Even if you plan to port your mortgage, always get pre-approved for a new mortgage as a backup plan. Market conditions or property details might make a new mortgage more advantageous than porting your existing one.

Understanding penalties and when it makes financial sense.

Negotiate better terms instead of accepting the first offer.

When and how to refinance your mortgage in Canada.

Learn how to transfer your existing mortgage to a new property, saving thousands in penalties and securing your current rate.