How to Port Your Mortgage to a New Home

If you're moving and you have a good mortgage rate, breaking that mortgage early could cost you thousands in penalties. Porting your mortgage is the fix: you carry your existing rate and terms over to your new home instead of starting fresh. Here's how porting works, who qualifies, and how to decide if it's worth it.

Key takeaways

• Porting moves your existing mortgage — rate, balance and terms — to your new property.
• The main benefit is keeping a low rate and avoiding a prepayment penalty for breaking your mortgage.
• If your new home costs more, lenders usually let you 'blend and extend' the extra borrowing.
• Porting must typically be done within a tight window around your closing dates.
• HOMEH coordinates your sale and purchase and gives eligible buyers the industry's highest Cashback Rebate. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting.

What porting a mortgage means

Porting (or 'porting and assuming') means transferring your current mortgage to your next home rather than discharging it and taking out a new one. You keep the same lender, the same interest rate, and the remaining term — you're simply attaching the mortgage to a different property.

It matters most when you locked in a rate that's better than what's available today. Breaking that mortgage to get a new one would usually trigger a prepayment penalty. Porting lets you sidestep that penalty and keep the rate you already have.

Same mortgage, new address

Think of porting as picking up your existing mortgage and carrying it to your new home. The rate and remaining term come with you — you don't restart the clock or requalify for a brand-new rate.

When porting is worth it

Porting shines in a few clear situations.

• Your current rate beats today's rates. Keeping a lower rate is the single biggest reason to port.
• You'd otherwise pay a steep penalty. Breaking a fixed mortgage mid-term can be expensive; porting avoids it.
• You're moving within your mortgage term. Porting is built for exactly this — buying and selling before your term ends.
• You still qualify with your lender. You generally need to requalify on the new property under current rules, including the stress test.

If today's rates are actually lower than yours, porting may not be the best move — it could make more sense to break and refinance. Compare scenarios in the refinance guide before deciding.

Buying a more expensive home

If your new home costs more than your old one, you'll likely need to borrow more than your current mortgage balance. Lenders handle this with a 'blend and extend': they combine your existing rate on the original balance with the current rate on the additional amount, producing one blended rate for the larger mortgage.

Run the numbers for your new purchase price with the HOMEH mortgage calculator so you know what your payment looks like before you commit.

How to port your mortgage, step by step

1. Confirm your mortgage is portable. Most are, but check your agreement or ask your lender — not all products allow it.
2. Ask about the timing window. Lenders usually require your purchase to close within a set number of days of your sale, so the dates matter.
3. Requalify on the new property. You'll be assessed against current lending rules, including the stress test.
4. Sort out any top-up. If you're borrowing more, confirm the blended rate in writing.
5. Coordinate closings. Align your sale and purchase dates so the port lands cleanly within the lender's window.

Mind the timing window

Many lenders only allow porting if your new purchase closes within a short window of your sale — sometimes a matter of days. If your closings won't line up, ask whether bridge financing can hold things together.

Plan your move with HOMEH

Porting works best when your sale and purchase are tightly coordinated — exactly what HOMEH does when you move with us. We help align your closing dates so your port lands in the lender's window, and connect you with a broker to confirm the numbers. See how it fits together in buying and selling at the same time, or start with HOMEH's sell-and-buy service.

Move with HOMEH and get cashback

Eligible HOMEH buyers receive the industry's highest Cashback Rebate — on top of keeping your existing low rate. Sellers list for 1%, or free when they also buy with HOMEH within 6 months, or $395 + HST with a Mere Posting. Estimate yours with the cashback calculator.