Moving to a new home, or coming up for renewal? You may have more options than breaking your mortgage or simply re-signing. You can often port it, take it with you to a new property, or switch it to a new lender at renewal. Here is how each works and when it helps.
Taking your existing mortgage, often with its rate and terms, to a new property when you move, instead of breaking it. This can avoid a penalty, and is subject to lender rules and re-qualifying on the new home.
Moving your mortgage to a new lender when the term ends, to get a structure that fits better. A straight switch at renewal may not require re-qualifying under the stress test, though rules and lender criteria vary.
Carry your rate and terms to the new home and avoid a break penalty.
A straight switch at renewal may skip stress-test re-qualifying, rules vary.
Porting and switching carry different costs; some lenders cover switch fees.
Both take lead time, especially around a move or a fixed maturity date.
Often yes, by blending in extra financing for the difference. Lender rules and qualifying apply.
If you port, you generally carry your existing rate to the new home; a switch at renewal means taking a new rate.
Not every mortgage is portable. If yours is not, we will map the other options with you.
Tell us whether you are moving or coming up for renewal, and we will walk through whether porting or switching makes sense for you. A licensed member of our team will follow up.
Start a conversationInformation here is general and educational. It is not financial, legal, or lending advice, and it is not an offer of financing. Whether a mortgage can be ported or switched, and on what terms, depends on lender rules, your qualification, and current regulations, all of which can change. Re-qualifying may be required, and costs may apply. Any figures are illustrative only. All financing is subject to lender review, property review, and supporting documentation. Submission of a form does not guarantee approval or financing.