Mortgage Portability

Full Explanation

Mortgage portability allows you to transfer your existing mortgage — including the remaining term, outstanding balance, and current interest rate — to a new property without paying a prepayment penalty. This feature is valuable when selling your current home and buying another one, especially if you have a favorable locked-in rate. Conditions apply: the new home must be approved by the lender, the transaction typically must close simultaneously or within a short window (30–90 days), and you may need to top up the mortgage if the new property costs more. Not all mortgages include portability provisions.