🔁 Thinking About Porting Your Mortgage? Here’s What to Know 🏡
Mortgage portability lets you transfer your existing mortgage (rate, balance, and term) to a new property when you move — but it’s not always as simple as it sounds.
Here’s what to keep in mind:
1️⃣ Re-Qualification is Required
You’ll need to re-apply and meet the lender’s current approval criteria — including for the new property.
2️⃣ The New Property Must Be Approved
Lenders have to sign off on the home you're buying.
3️⃣ Property Values Vary
If the new home costs more, you may need to blend your mortgage or take a second one — possibly at a higher rate.
4️⃣ Down Payment Still Needed
Yes, even with porting, a down payment is usually required on the new purchase.
5️⃣ Penalties Are Possible
If timing or terms don’t align, prepayment penalties could apply.
6️⃣ Timing Can Be Tricky
Coordinating closing dates can be stressful and may affect your ability to port.
