Burlington, Hamilton, Oakville, Mississauga and Toronto Mortgage Brokers | Loewen Group Mortgage Professionals

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What The Heck Is A Portable Mortgage and Why Would I Want One?

Is there any chance that at some point down the road you may sell your home and move? Then you’re going to want to read this one about portable mortgages…

Husband: “Honey, I know we need a bigger house but we still have 2 years left on our 5 year mortgage term. We’ll have to wait. We don’t want to have to break our mortgage and pay the penalty….I read Loewen Groups Blog on Breaking Your Mortgage. Penalties can be pretty big”

 Wife: “You don’t listen at all do you! When Loewen Group arranged our mortgage they ensured we had great portability options. We can simply port our existing mortgage with minimal cost”.

 Husband: “Oh ya, I forgot all about that! Glad they were looking out for us!”


If you’re selling your home and purchasing a new one, “porting” your mortgage simply means taking your existing mortgage and transferring it to your next home. There are 3 situations that you could find yourself in:

 1: You need a larger mortgage for your next home (upsizing): We arrange a “port and increase”. We can port your existing mortgage and increase the amount. The interest rate offered will be whatever the current rates are and it will be blended with your current mortgage rate to give you a new overall “blended” mortgage rate.

 2: You need a smaller mortgage for your next home (downsizing): We will arrange a “port and decrease”. Your interest rate will remain the same however depending on the amount you’re decreasing, you could end up paying a prorated penalty. Check out our blog on breakage penalties.

3: Straight Port: Just like it sounds, you simply port your current mortgage to your new home with the same remaining rate, balance and terms.


With mortgage rates currently the lowest in history, rates have nowhere to go but up.  Ensuring your mortgage contains a portability feature will: a) allow you to maintain your current rate and b) protect you from mortgage breakage penalties. Here at Loewen Group we look beyond just the “rate” to educate you on what your mortgage may really cost you if you don’t read the fine print rarely disclosed to you by the banks. To discover what we can offer you visit our website HERE and to fill out our online application click HERE.

About the author...

Here to help inform, educate and represent you in the home financing process.

View all posts by James Loewen

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Evenings & Weekends Are Available By Appointment


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Burlington, ON
L7L 0B4


Office: (289) 337-4029
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