Porting Your Mortgage: Don't Be Afraid to Sell Your Home

Porting Your Mortgage

When it comes to homeownership, there may come a time when you want or need to move to a new home but still want to keep your existing mortgage. In this volital mortgage rate market, this is one of the #1 reasons homeowners do not want to sell. This is where the process of "porting" a mortgage comes into play. While not often talked about, this is a great option if allowed by your lender.

What is Mortgage Porting?

Mortgage porting is the process of transferring your existing mortgage to a new property when you move. This allows you to retain your current mortgage terms, including interest rates and loan balance.

When Should You Consider Mortgage Porting?

Mortgage porting can be an attractive option in various situations:

1. Moving Locally

If you're planning to move to a new home within the same city or area, mortgage porting can be a practical choice.

2. Favorable Interest Rates

If your current mortgage has a lower interest rate than what's currently available in the market, porting can save you money.

3. Avoiding Penalties

Porting can help you avoid prepayment penalties or early termination fees that might apply if you were to break your existing mortgage.

The Steps to Successfully Port Your Mortgage

Step 1: Contact Your Lender

The first and most crucial step in the process is to contact your current lender. Schedule a meeting to discuss your intent to port your mortgage. Your lender will assess your eligibility and provide you with the necessary information.

Step 2: Evaluate Your Mortgage Terms

Review your existing mortgage terms, including interest rates, loan balance, and any associated fees. Ensure that these terms are favorable and align with your financial goals.

Step 3: Find Your New Home

Once you've decided to port your mortgage, begin your search for a new home. It's essential to find a property that meets your needs and fits within your budget.

Step 4: Get Pre-Approved

Obtain a mortgage pre-approval for your new property. This step is crucial as it will help you determine the maximum amount you can spend on your new home.

Step 5: Complete the Porting Application

Work closely with your lender to complete the mortgage porting application. This application will outline the terms of your new mortgage and provide you with a clear understanding of your financial obligations.

Step 6: Appraisal and Assessment

Your lender will assess the value of your new property through an appraisal. This is to ensure that it meets the required criteria for mortgage porting.

Step 7: Mortgage Approval

Once your lender is satisfied with the appraisal results and your financial situation, they will approve the porting of your mortgage to the new property.

Step 8: Legal Process

Complete the necessary legal paperwork to finalize the transfer of your mortgage to the new property. This typically involves working with a real estate lawyer to ensure all legal requirements are met.


Mortgage porting can be a beneficial solution for homeowners looking to move while retaining their existing mortgage terms. By following the steps outlined in this guide, you can navigate the process smoothly and make informed decisions about your financial future.

Frequently Asked Questions (FAQs)

1. Can I port my mortgage to a property in a different city or state?

Mortgage porting is generally done within the same geographical area, but some lenders may allow it under certain conditions. It's best to consult with your lender to determine the options available to you.

2. Is there a fee for mortgage porting?

There may be administrative fees associated with mortgage porting, but they are typically lower than the costs of breaking your existing mortgage and taking out a new one.

3. Can I make changes to my mortgage terms when porting?

In most cases, you cannot make significant changes to your mortgage terms when porting. However, minor adjustments may be possible, depending on your lender's policies.

4. What happens if I can't find a suitable new property?

If you're unable to find a new property within a certain timeframe, your lender may provide guidance on the next steps, which could include breaking your existing mortgage.

5. How long does the mortgage porting process typically take?

The timeline for mortgage porting can vary depending on several factors, but it generally takes several weeks to complete. It's advisable to start the process well in advance of your planned move to avoid any delays.

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