Services / Renewals & Refinancing / Mortgage Portability
If you're selling and buying a new home before your term ends, porting your mortgage may let you keep your rate and avoid a prepayment penalty. We help you figure out whether porting, blending or starting fresh makes the most sense.
Mortgage Portability at a glance
Guide
Keep your rate
Avoid penalty
Timing window
Need more?
Figures are general guidelines; your options depend on your situation.
Clear communication at every step, so you always know what's happening next.
We check whether your mortgage is portable and what the rules are.
We compare porting against breaking and starting a new mortgage.
Your lender reviews the new property and your current finances.
We coordinate closing dates so your mortgage moves smoothly.
A few key points we'll walk through with you before you make any decisions.
Many fixed-rate mortgages are portable, but rules vary. Some variable and "no-frills" mortgages don't allow it.
Lenders usually give you a set window, often 30 to 120 days, between selling and buying. Plan your closing dates carefully.
If you need more money, your lender may blend your current rate with today's rate on the extra amount.
Don’t see your question here? Give us a call — we’re happy to talk it through.
Usually, yes. The lender will review your income, credit and the new property.
You may face a partial penalty on the portion you don't carry over. We'll calculate it for you.
Not always. Sometimes breaking and switching to a new lender saves more, even with a penalty. We'll run the numbers.
This page is for general information only and isn’t financial advice. Mortgage rules, program limits and lender requirements change and depend on your situation; all financing is subject to lender approval. Koru Financial Group Inc. — FSRA Brokerage #12726.