A mortgage feature that allows you to transfer your existing mortgage -- including the current rate, terms, and remaining balance -- from one property to another when you move. Portability lets you avoid breaking your mortgage and paying the associated penalty. Most major Canadian lenders offer portability, though conditions and timelines vary.
Why It Matters
If you have a great mortgage rate and need to move before your term is up, portability can save you thousands in penalties. However, timing is critical -- most lenders require the new purchase to close within 30 to 120 days of selling the old property. If you need a larger mortgage for the new home, the additional amount will be at current rates.
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