Porting a Mortgage: Can it save money?

May 2, 2023

Porting a Mortgage

How does this affect a borrower: The ability to port a mortgage means that you do not have to pay a penalty in breaking that mortgage since you are moving it from one property to another, providing that you qualify. One of the biggest misconceptions when porting a mortgage is that you do not have to requalify for the amount you had and any additional amount. When you port a mortgage, it must be the same amount of the current mortgage or more. If it is less then you may need to pay a penalty and break it.

Porting a Mortgage

Last week, we discussed the topic of breaking a mortgage, what it is and how it can be beneficial for you. 7 out of 10 people break their mortgage, so it is a likely step any individual could take in their life. For these reasons, it is important to understand all personalities of your mortgage, from the rate, to the terms, prepayment plans, breaking a mortgage, etc.. 

Today, we are going to talk about the personality of a mortgage, Porting.

What is Porting a Mortgage?

Porting a mortgage is where you take the existing mortgage that you currently have, along with the rates and terms of the mortgage, and move it to your current home. This home would be a new property that you purchased at the same time as selling your other property/home.

Porting a mortgage is a very common practice as the average Canadian moves at least once within a decade, so it is important to understand your mortgage program in term of porting.

Can Porting save Money?

Yes, porting can save you money in the long run. It does depend on the mortgage contract, but many times your rate will stay the same for the portion of the mortgage that you are moving over (You will be especially happy if this is a great rate). For the additional portion, you will likely get a blend of your existing rate with the current rate, which could save you money in the long run. 

It is also important to note that porting a mortgage also saves your wallet in significant ways when comparing it to those prepayment charges and other charges that apply when you break a mortgage. If this sense, you are not breaking the mortgage, you are just moving it, and that can be beneficial for you. One of the biggest misconceptions when porting a mortgage is that you  do not have to requalify for the amount you had and/or any additional amount.

Are there any Cons?

When porting your mortgage there are some important aspects to watch out for. Many lenders will typically not give you a lot of time to port your mortgage after you break it. You must do it within a certain time frame. Once you break your mortgage you may have only 30 days to port your mortgage before penalties, and remember those extra days are also needed to have time to sell your home.

As you can see, not every mortgage is the same, thus why you need to understand the personality of it. 


Porting a mortgage can be a great thing and can help you save money in the long run. Not all mortgage contracts allow for this, which is why it is important to understand all the personalities of the contract and how it could help with your future plans. 

We at GLM Mortgage Group have dealt with a lot of different situations that required porting a mortgage. We know it can be a complicated matter, which is why we want to help! We are available at any time and will get back to you within 90 minutes guaranteed. Our number is on the top of of this page, call us anytime.

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