Porting lets you move your existing mortgage — its rate, remaining term and balance — to a new home when you sell and buy, so you keep your rate and skip the break penalty. If your new place costs more, a port-and-increase blends new money in. Compare your rate against today's on our live rate tracker and model options in our mortgage calculators.
Porting transfers your current mortgage rate and terms to a new property when you move, avoiding the penalty for breaking early. If the new home is pricier, port-and-increase blends your existing rate with the current rate on the extra funds. You usually must requalify, and both sales must close within the lender's timing window. This is not financial advice.
Porting is the process of carrying your existing mortgage over to a new home instead of paying it off and starting fresh. The rate, the remaining term and the outstanding balance move with you. The main reason to port is to avoid a break penalty — which on a fixed mortgage is the higher of three months' interest or the interest rate differential, and can run into thousands of dollars. Porting is especially attractive when your locked rate is lower than what lenders are quoting today, because you keep that below-market rate on your next property.
Most people who move buy a more expensive home and need to borrow more. That is where port-and-increase comes in. Your lender keeps your existing rate on the ported balance and applies the current rate to the new money, then combines the two into a single blended rate weighted by the amounts. For example, a large ported balance at a low rate mixed with a smaller top-up at today's higher rate produces a blended rate somewhere in between — this figure is illustrative and depends on your actual numbers. You will need to qualify for the larger loan and pass the stress test (the higher of your contract rate plus 2% or 5.25%).
Portability is not open-ended. Lenders set a window between the closing of your old home's sale and the purchase of the new one — commonly anywhere from 30 to 120 days, depending on the lender. If both transactions close on the same day, porting is simplest. If there is a gap, some lenders offer a bridge or hold the rate for the interim; others will not. Missing the window can force you to break the mortgage and pay the penalty, so confirm the exact terms with your lender before you list your home.
| Situation | Effect on porting |
|---|---|
| Timing window missed | Port may be denied |
| You do not requalify | Port refused |
| Switching lenders | Cannot port — new mortgage needed |
| Current rates are lower | Porting keeps an above-market rate |
Porting can also fail if the new property does not meet the lender's lending criteria, or if your income, credit or debt ratios no longer support the loan. And if today's rates are below your locked rate, porting may not be in your interest at all — you would be carrying a higher rate forward when a new mortgage could be cheaper. Weigh the penalty you would avoid against the rate you would keep. If you are staying put and just renewing, see our renewal guide.
Porting means transferring your existing mortgage — its rate, remaining term and balance — from your current home to a new property when you move. It lets you keep your original interest rate and avoid the penalty for breaking the mortgage early.
If your new home costs more and you need to borrow additional money, you can port-and-increase. The lender blends your existing rate with the current rate on the new funds, producing a single blended rate on the larger balance. You must still qualify for the higher amount and pass the stress test.
Yes. Most lenders require you to close the sale of your old home and the purchase of the new one within a set window — often 30 to 120 days apart. If the gap is too long, the port may be denied and you could face a break penalty instead.
Porting can fail if you do not requalify under current rules, if the new property does not meet the lender's criteria, if the timing window is missed, or if you switch lenders. It also may not make sense if current rates are lower than your existing rate, since you would carry an above-market rate forward.
Usually yes. Lenders typically re-check your income, credit and debt ratios, and any ported balance must pass the stress test — the higher of your contract rate plus 2% or 5.25%. Requalification is stricter if you are increasing the loan amount.