Porting a mortgage is kind of like transferring a mortgage. When you transfer, you are moving your current mortgage to a different lender in order to take advantage of different interest rates or mortgage products.
When you port your mortgage, you keep your lender but move the mortgage to a different property. Now, not every lender allows you to port a mortgage, and not every property can qualify for a port. You should ask your lender if your mortgage is portable.
One of the other things to keep in mind with porting a mortgage, you are generally only porting the balance remaining on your mortgage. If you need more money, you will need to re-qualify to blend your mortgage. If you do not want to blend and extend your mortgage term, you will need to come up with the additional funds on your own.
The ability to port a mortgage is really important, especially if you are in a fixed mortgage with a big bank, as it can be used to avoid paying a pre-payment penalty to break your mortgage early.
If you are curious to hear more about portability options and whether or not you could qualify, please reach out to a Dominion Lending Centres mortgage professional today!