Mortgage Portability

Explore mortgage portability in Canada, how it works, and how homeowners can transfer their mortgage to a new property while preserving favorable terms.

Mortgage Portability

May 22, 2025


What is Mortgage Portability?

Mortgage portability is a feature that allows homeowners to transfer their existing mortgage to a new property without incurring prepayment penalties or renegotiating rates.

Why Mortgage Portability Matters in Real Estate

In Canadian real estate, mortgage portability helps homeowners retain favorable mortgage terms when moving to a new home. This is especially useful when interest rates have increased since the original mortgage was signed.

Key benefits:
  • Avoids early termination fees
  • Maintains current interest rate and mortgage term
  • May simplify the financing process on a new purchase

Most lenders offer portability for fixed-rate mortgages, but terms vary. Some allow partial porting (adding new funds to the existing mortgage), while others require the new home to close within a specific timeframe (usually 30–120 days).

Buyers should check with their lender about:
  • Eligibility requirements
  • Applicable fees
  • Time limits and new home criteria

Understanding mortgage portability allows homeowners to move with less financial disruption and preserves favorable loan terms in changing markets.

Example of Mortgage Portability

A homeowner sells their current home and uses mortgage portability to carry over their 2.8% rate to a new property, avoiding higher current market rates.

Key Takeaways

  • Lets you transfer your mortgage to a new home.
  • Avoids rate hikes and prepayment fees.
  • May require lender approval and timing alignment.
  • Common in fixed-rate mortgages.
  • Helps maintain affordability when relocating.

Related Terms

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

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