Everything You Need to Know About Porting Your Mortgage

Thinking about moving but not ready to give up your current mortgage? Porting your mortgage might be the right move. Porting allows you to transfer your existing mortgage to a new property — keeping your current rate, term, and lender — while avoiding costly prepayment penalties.

As a licensed mortgage broker in Alberta and British Columbia, I often get questions about how porting works. Here's what you need to know.

What Does It Mean to Port a Mortgage?

Porting means transferring your existing mortgage to a new property. This option is usually available when:

• You’re selling your home and buying a new one.

• You want to keep your current interest rate and mortgage terms.

• You’re staying with your existing lender.

It can be especially attractive if your current rate is lower than what’s available on the market.

Key Details (That Can Vary by Lender)

Not all lenders treat porting the same. Here’s where things can differ:

Time Limits

Most lenders require you to complete the port within a specific time frame — usually 30 to 90 days from the sale of your original property.

Port Type

There are generally three scenarios:

1. Straight Port – You keep the same mortgage amount and terms.

2. Port with an Increase – You need a bigger mortgage; this may involve blending rates.

3. Port with a Decrease – You're borrowing less; some lenders don’t allow this, or it may trigger a penalty.

Blending Rules

If you need more money for your new home, some lenders allow you to blend your current rate with a new one(blended rate), while others require you to take a separate top-up mortgage at current rates.

Costs Involved

While porting can help avoid prepayment penalties, there may still be fees:

• Appraisal fees (often required for the new property)

• Legal fees for transferring the mortgage

• Administrative or lender fees

• Penalty if port conditions aren’t met or timelines are missed

What If Rates Have Dropped?

If your existing rate is higher than current market rates, porting might not be the best financial move. In some cases, breaking the mortgage (and paying the penalty) could save you more in the long term. Your broker can help run the numbers.

When Porting Makes Sense

• You’re happy with your current lender and rate.

• You’re within your mortgage term and don’t want to pay penalties.

• You’re moving to a home of similar value.

• You’re buying and selling within the lender’s allowed time window.

Final Thoughts

Every lender handles porting differently, and the fine print can have a big impact on your options. That’s where working with a mortgage broker comes in — I can compare policies across lenders and help you understand the true costs and benefits.

If you're thinking about moving and want to explore your porting options, let's connect and find the right path forward.