Portability

If a mortgage is portable, certain terms of the mortgage, usually rate and remaining term, may be transferred to the borrower’s new property if the borrower sells the original mortgaged property.

Porting the mortgage can certainly save the borrower costs in mortgage penalties and interest among others. Lenders generally require requalifying when looking to port a mortgage.

Types of Mortgage Ports

  • Straight Port – When the amount of the mortgage on the new property is the same as the balance of the mortgage outstanding on the original property.
  • Port & Increase When the amount of the mortgage on the new property is higher than the balance of the mortgage outstanding on the original property.
  • Port & Decrease – When the amount of the mortgage on the new property is lower than the balance of the mortgage outstanding on the original property.

Contact a Verifive Mortgage associate to day to discuss your options.

*May not be offered through all lenders. Details will vary between lenders.