A Portable Mortgage allows the borrower to transfer the mortgage balance, terms and interest rate to a new property without penalty. When a mortgage is ported it remains with the same lender. Lenders typically give borrowers anywhere from 1 day to 120 days to port their mortgage.
Spy Tip: Always check your lender’s porting policy if there’s a chance you’ll move before maturity. It is very difficult to line up the closing date of your old and new properties. So look for at least a 30- to 60-day porting policy (aka. Port gap) if there’s a chance you may move during your term.« Back to Glossary Index