What does it mean to port a mortgage?

Porting a mortgage means transferring your existing mortgage (rate, term, and balance) from your current home to a new property. You keep your current rate and avoid prepayment penalties.

Can all mortgages be ported?

Not all mortgages are portable. Fixed-rate mortgages are usually portable, but variable-rate mortgages often are not. Check your mortgage terms or ask your lender.

How long do I have to port my mortgage?

Most lenders allow 30-120 days between selling your current home and completing on your new home. Some allow up to 6 months. Timing must work for both transactions.

What happens if my new home costs more than my current mortgage balance?

If your new home is more expensive, you can often get a blended rate mortgage from your lender. The additional funds come at the current market rate, blended with your existing rate based on the dollar amounts. For example, if you port $300,000 at 3.5% and need $100,000 more at 5.5%, your blended rate would be approximately 4.0%. This is different from porting alone and may require a new qualification check.

Is it better to port my mortgage or break it and get a new one?

Port if your existing rate is significantly below current market rates and the penalty to break would be high (especially with an IRD penalty on a fixed mortgage). Break if current rates are similar or lower, you want to switch lenders for better features, or the penalty is only three months of interest (common with variable-rate mortgages). Always calculate both scenarios — sometimes a $5,000 penalty to access a 0.5% lower rate on a larger balance saves more over 5 years.

How to Port Your Mortgage in Canada 2026: Steps, Costs & Timing

What Is Mortgage Porting?

Mortgage porting lets you transfer your current mortgage to a new property, keeping:

Your existing interest rate
Your remaining term
Your prepayment privileges

This is valuable when you have a below-market interest rate and want to move without paying penalties.

When Does Porting Make Sense?

Port Your Mortgage If:

Situation	Benefit
Your rate is below current rates	Keep the lower rate
You’re mid-term	Avoid prepayment penalty
New home is similar price	Simple port
Close dates align	30-120 day window

Don’t Port If:

Situation	Better Option
Your rate is higher than current rates	Break and refinance
Variable rate mortgage	Usually can’t port
Very early in term	Penalty may be small
New home much more expensive	Blend-and-extend may be costly
Close dates don’t align	Bridge financing adds cost

Porting vs Breaking: Cost Comparison

Example: $400,000 Mortgage, 3.5 years Remaining, 4.5% Rate

Scenario A: Current Rates Are 6.5%

Option	Cost
Port mortgage	$0 + legal fees ($1,500)
Break mortgage	$10,000-15,000 penalty
Best choice	Port

Scenario B: Current Rates Are 4.0%

Option	Cost
Port mortgage	Keep 4.5% rate for 3.5 years
Break mortgage	$10,000 penalty but get 4.0%
Best choice	Compare total cost