Exploring Mortgage Portability: Can I Keep My Mortgage When I Move?===

Moving to a new home can be an exciting but stressful experience. One of the concerns that often arises when relocating is what will happen to your existing mortgage. Thankfully, many lenders now offer a solution known as mortgage portability, which allows you to transfer your mortgage to a new property. In this article, we will explore what mortgage portability is, how it works, and the pros and cons associated with this option.

What is Mortgage Portability?

Mortgage portability is a feature offered by some lenders that allows borrowers to transfer their existing mortgage to a new property without incurring additional fees or penalties. This means that you can avoid breaking your current mortgage agreement and starting a new one, which can save you significant costs and paperwork. It is important to note that not all mortgages are portable, so it is crucial to check with your lender or mortgage broker to determine if this option is available to you.

How Does Mortgage Portability Work?

When you decide to move and utilize mortgage portability, your lender will assess your application for the new property, just as they would for any mortgage application. If approved, your existing mortgage terms and interest rate will be transferred to the new property. It is important to keep in mind that some adjustments to the terms may be required, such as modifying the mortgage amount or adjusting the amortization period. Additionally, the lender may require an appraisal of the new property to ensure its value aligns with the mortgage amount. Once all the necessary paperwork is completed, the mortgage will be transferred to the new property, and you can continue making your regular mortgage payments.

Pros and Cons of Mortgage Portability

There are several advantages to choosing mortgage portability when moving. Firstly, it can save you money by avoiding costly penalties for breaking your mortgage agreement. Additionally, it eliminates the need to requalify for a new mortgage, which can be beneficial if your financial situation has changed since you initially obtained your mortgage. Mortgage portability also allows you to keep your existing interest rate, which may be more favorable than current market rates.

However, there are also some potential drawbacks to consider. One limitation is that mortgage portability may not be available for all mortgages or lenders. Therefore, if your mortgage does not have this feature, you may have to break your mortgage and pay penalties, which can be expensive. Additionally, there may be restrictions on the types of properties that qualify for mortgage portability, such as limitations on the price or location. Lastly, if you require additional funds for your new property, you may need to take out a new mortgage or a second mortgage, which could result in higher interest rates or fees.


In conclusion, mortgage portability can be a convenient option for homeowners who are planning to move. It allows borrowers to transfer their existing mortgage to a new property without penalties or additional fees. However, it is crucial to check with your lender or mortgage broker to determine if your mortgage is portable and if there are any limitations or adjustments required. By understanding the concept of mortgage portability and weighing the pros and cons, you can make an informed decision that best suits your financial needs when moving to a new home.