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

Sales-To-New-Listings Ratio (SNLR)

The Sales-To-New-Listings Ratio (SNLR) is a real estate metric that compares the number of homes sold to the number of new listings in a given period.. more

Market Type

Market type refers to the classification of a real estate market based on supply, demand, and pricing trends, typically categorized as buyer’s,. more

Outparcels

Outparcels are stand-alone commercial properties located near or on the outer edge of a larger retail or shopping centre complex.. more

Halo Effect

The halo effect in real estate refers to the positive influence that a popular or high-end development has on the surrounding property values and. more

Sump Pump

A sump pump is a mechanical device installed in the lowest part of a basement or crawl space to remove accumulated water and prevent flooding.. more

Structural Integrity

Structural integrity refers to a building’s ability to withstand its intended loads without failure, deformation, or collapse during its lifecycle.. more

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