How to Port Your Mortgage

Written by tiffany anderson
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How to Port Your Mortgage
You can keep your current interest rate by porting your mortgage. (new home 3 image by Kathy Burns from

Mortgage porting became popular with the increase in interest rates. When you decide to sell your old home, it gives you the opportunity to apply your current mortgage to purchase your new home. This way you can keep your interest rate instead of having to risk getting a higher interest rate. When you port your mortgage, you will be required to pay a mortgage release fee. This fee is determined by your mortgage lender and is explained in your mortgage contract.

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  1. 1

    Find out your mortgage lender's porting criteria. Normally, only fixed rate mortgages can be ported. However, there is an exception to every rule. You should check with your mortgage lender before you give up on porting your mortgage.

  2. 2

    Move into your new home the same time you sell your current home. This will save you money. If you are unable to immediately move into your new home, your mortgage lender may charge you an early repayment charge. This is a fee mortgage lenders charge to customers who pay off their mortgage before the termination of the mortgage.

  3. 3

    Submit your application to port your current mortgage rate to your lender. If you are not approved, you can ask your mortgage lender for alternatives or you may have to reapply for a new mortgage for your new home.

Tips and warnings

  • Your current mortgage doesn't determine your eligibility to port your mortgage. The approval process for porting your mortgage is the same as applying for a new mortgage. This means your lender will review your credit report, your debt to income ration, and your employment history. If any of this has changed since you applied for your current mortgage, your application could be at risk.

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