A portable mortgage may move the existing balance, rate and remaining term to another property, but the borrower and new home must be approved and timing, extra funds and penalties can change the result.
Four points to remember
- Portability is a contract feature, not a guaranteed approval.
- The lender reassesses the borrowers and the new property.
- Buying a more expensive home may require a port-and-increase or blended rate.
- Closing-date gaps and lender porting windows must be planned early.
Read the portability clause
Confirm whether the mortgage is portable, the permitted window, eligible property types and whether the current term must remain unchanged. Verbal summaries do not replace the contract.
- Porting deadline
- Fixed or variable restrictions
- Property and province restrictions
Requalify for the new property
The lender reviews income, credit, debts, down payment and the new property. A port preserves some contract terms but does not bypass underwriting or appraisal.
- Updated borrower documents
- Purchase agreement and appraisal
- Sale and payout details
Handle an increased or decreased mortgage
If more money is required, the lender may blend the existing rate with a new-money rate or create another segment. If less is needed, a partial prepayment penalty may apply.
- Ported balance
- Additional mortgage amount
- Penalty on any balance not ported
Compare porting with breaking and replacing
Porting can preserve a favourable rate and reduce penalties, but a new lender may offer a better complete package. Compare penalty, rate, term, prepayment rights and total cost.
- Current payout penalty
- Blended effective cost
- New-lender costs and features
Frequently asked questions
Can I port a mortgage to a cheaper home?
Possibly, but any portion not ported may trigger a penalty and the lender must approve the new property and loan amount.
Can I port from one lender to another?
Porting normally refers to moving the mortgage with the same lender. Moving to another lender is a transfer or refinance.
Can a variable mortgage be ported?
It depends on the contract and lender. Some variable products have different portability or conversion rules.
Official sources and verification
This guide prioritizes primary information from governments, regulators and CMHC. Mortgage policies change; confirm the rules that apply when you apply.
This guide and its calculators are for general education only—not an approval, commitment, or legal, tax or investment advice. Actual rates, fees, underwriting and product terms vary by lender and application.