Portability to New Property

Thinking of Moving? Let’s Talk About Porting Your Mortgage

If you’re planning to move but love the rate and terms of your current mortgage, porting might be an option worth exploring. Porting means transferring your existing mortgage to a new home, potentially keeping your same interest rate and remaining term.

The new property will need to meet your lender’s guidelines, and in most cases, you’ll need to requalify. Once your old home sells, that mortgage is closed, and a new one is set up on your new property using the same terms (when eligible).

There are a few different ways this can work:

• Straight port – The mortgage amount stays the same on the new home.
• Port and increase – You need a bigger mortgage for the new place.
• Port and decrease – You need a smaller mortgage for the new home.

Every lender has its policies, so let’s discuss your options and determine if porting makes sense for your situation.