Portability
The ability to move your existing mortgage to a new property when you sell and buy simultaneously — keeping your rate and term without triggering penalties.
A portable mortgage can be moved from your current property to a new one when you sell and buy simultaneously. This preserves your existing rate, term, and amortization — avoiding prepayment penalties. Most Canadian mortgages are portable, but terms vary: some lenders allow 'port and increase' (increasing the balance to match a more expensive home) and 'port and extend' (extending the term). Porting typically requires the new mortgage to close within 30–120 days of the old property's sale. The new property must also qualify under current lending criteria.
Related Terms
A mortgage that can be transferred from seller to buyer at sale, preserving the existing rate and terms — increasingly valuable when market rates are higher.
The fee charged when you pay off or break a mortgage early — the greater of three months' interest or the IRD calculation for fixed-rate mortgages.