{"id":7352,"date":"2023-12-17T15:01:22","date_gmt":"2023-12-17T20:01:22","guid":{"rendered":"https:\/\/myratecompass.ca\/blog\/?p=7352"},"modified":"2025-05-15T17:16:08","modified_gmt":"2025-05-15T21:16:08","slug":"porting-a-mortgage-in-canada-the-complete-guide","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/","title":{"rendered":"Porting A Mortgage in Canada: The Complete Guide"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#What_Is_Mortgage_Porting\" title=\"What Is Mortgage Porting?\">What Is Mortgage Porting?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Why_Port_A_Mortgage\" title=\"Why Port A Mortgage?\">Why Port A Mortgage?<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Avoid_Prepayment_Penalties\" title=\"Avoid Prepayment Penalties\">Avoid Prepayment Penalties<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Retain_a_Competitive_Fixed_Rate\" title=\"Retain a Competitive Fixed Rate\">Retain a Competitive Fixed Rate<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Porting_Eligibility\" title=\"Porting Eligibility\">Porting Eligibility<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#How_To_Port_A_Mortgage\" title=\"How To Port A Mortgage\">How To Port A Mortgage<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Pros_And_Cons_Of_Porting_A_Mortgage\" title=\"Pros And Cons Of Porting A Mortgage\">Pros And Cons Of Porting A Mortgage<\/a><ul class=\"ez-toc-list-level-3\"><li class=\"ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Pros\" title=\"Pros\">Pros<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-3\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Cons\" title=\"Cons\">Cons<\/a><\/li><\/ul><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/#Should_I_Port_My_Mortgage\" title=\"Should I Port My Mortgage? \">Should I Port My Mortgage? <\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7352\" class=\"elementor elementor-7352\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fd7c56f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fd7c56f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd4fa85\" data-id=\"cd4fa85\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-05e3cd9 elementor-widget elementor-widget-text-editor\" data-id=\"05e3cd9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"font-family: 'Open Sans'; font-size: 18px;\"><span style=\"color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;\">Buying a new home before your mortgage term ends can be a costly affair due to prepayment penalties. However, homeowners in Canada have the option to bring their existing mortgage to their new home through a process known as <\/span><span style=\"color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;\">mortgage porting<\/span><span style=\"color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;\">.\u00a0<\/span><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"font-size: 18px; font-family: 'Open Sans'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;\">In this comprehensive guide, we explore everything you need to know about porting a mortgage in Canada. Below is a brief overview of what you can expect to learn in this article:<\/span><\/p><ul><li>What is Mortgage Porting?<\/li><li>The benefits of porting a mortgage.<\/li><li>How to know if you are eligible to port a mortgage?<\/li><li>How to port a mortgage.<\/li><li>Pros and cons of porting a mortgage.<\/li><li>Frequently asked questions.\u00a0<\/li><\/ul><p dir=\"ltr\" style=\"line-height: 1.3800000000000001; margin-top: 12pt; margin-bottom: 12pt;\"><span style=\"font-size: 18px; font-family: 'Open Sans'; color: #000000; background-color: transparent; font-weight: 400; font-style: normal; font-variant: normal; text-decoration: none; vertical-align: baseline;\">Read on to see if Mortgage Porting is the best option for you.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49e2281 elementor-widget elementor-widget-heading\" data-id=\"49e2281\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"What_Is_Mortgage_Porting\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">What Is Mortgage Porting?<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-13d6408 elementor-widget elementor-widget-text-editor\" data-id=\"13d6408\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-size: 18px\"><span style=\"font-weight: 400\">Mortgage porting also referred to as <\/span><b>transferring a mortgage<\/b><span style=\"font-weight: 400\">, is a financial strategy where homeowners can transfer their existing mortgage along with its <\/span><b>current rate and terms<\/b><span style=\"font-weight: 400\"> from their current property to a new one. This allows homeowners to avoid potentially hefty prepayment penalties.\u00a0<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6c8f46 elementor-widget elementor-widget-heading\" data-id=\"f6c8f46\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Why_Port_A_Mortgage\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">Why Port A Mortgage?<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ecb521 elementor-widget elementor-widget-text-editor\" data-id=\"7ecb521\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">There are several reasons why homeowners might opt for porting a mortgage, the main reasons being:<\/span><\/p><ul style=\"margin-top: 0;margin-bottom: 0;padding-inline-start: 48px\"><li dir=\"ltr\" style=\"list-style-type: disc;font-size: 13pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 14pt;margin-bottom: 4pt\" role=\"presentation\"><span class=\"ez-toc-section\" id=\"Avoid_Prepayment_Penalties\"><\/span><span style=\"font-size: 22px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Avoid Prepayment Penalties<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3><\/li><\/ul><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-family: 'Open Sans';font-size: 18px\"><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">The majority of mortgage contracts in Canada span about five years. If you decide to break your mortgage contract midway, you are likely to incur substantial prepayment penalties. <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Prepayment penalties<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> are pentalties incurred for paying off a home loan earlier than the agreed-upon date, causing the lender to lose out on interest payments. This penalty is typically a percentage of the remaining loan you paid off. By porting your mortgage, you can conveniently avoid these penalties.<\/span><\/span><\/p><ul style=\"margin-top: 0;margin-bottom: 0;padding-inline-start: 48px\"><li dir=\"ltr\" style=\"list-style-type: disc;font-size: 13pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 14pt;margin-bottom: 4pt\" role=\"presentation\"><span class=\"ez-toc-section\" id=\"Retain_a_Competitive_Fixed_Rate\"><\/span><span style=\"font-size: 22px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Retain a Competitive Fixed Rate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3><\/li><\/ul><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-family: 'Open Sans';font-size: 18px\"><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">If you had secured a low fixed rate for your existing mortgage, porting allows you to <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">carry that same favorable rate over to your new property<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">. This is beneficial if interest rates for mortgages are rising. Porting an existing mortgage with lower rates will help you avoid potentially higher interest rates at the time.\u00a0<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c8a4a6c elementor-widget elementor-widget-heading\" data-id=\"c8a4a6c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Porting_Eligibility\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">Porting Eligibility<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fc6bd42 elementor-widget elementor-widget-text-editor\" data-id=\"fc6bd42\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Before you decide to port your mortgage, it&#8217;s crucial to understand whether you qualify for it. Here are some key factors that determine your eligibility:<\/span><\/p><p>\u00a0<\/p><ul style=\"margin-top: 0;margin-bottom: 0;padding-inline-start: 48px\"><li dir=\"ltr\" style=\"list-style-type: disc;font-size: 13pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 14pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-family: 'Open Sans';font-size: 18px\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Type of Mortgage: <\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Generally, <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">fixed-rate mortgages<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> are more likely to be portable. If you have a variable-rate mortgage, your lender may require you to switch to a fixed rate before you can port your mortgage.<\/span><\/span><\/p><p>\u00a0<\/p><\/li><li dir=\"ltr\" style=\"list-style-type: disc;font-size: 13pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-family: 'Open Sans';font-size: 18px\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">New Property&#8217;s Purchase Price: <\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">If you intend to buy a more expensive property, you might have to consider a &#8220;blend and extend&#8221; mortgage. This involves porting your existing mortgage and <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">borrowing the additional amount <\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">needed from your lender, which could result in a blended interest rate.<\/span><\/span><\/p><p>\u00a0<\/p><\/li><li dir=\"ltr\" style=\"list-style-type: disc;font-size: 13pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-family: 'Open Sans';font-size: 18px\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Current Financial status: <\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Your lender will need to evaluate your current financial situation before approving the port. This involves assessing your credit score, debt service ratios, and requires proof of income and employment.\u00a0<\/span><\/span><\/p><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-15ff262 elementor-widget elementor-widget-heading\" data-id=\"15ff262\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"How_To_Port_A_Mortgage\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">How To Port A Mortgage<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72968c4 elementor-widget elementor-widget-text-editor\" data-id=\"72968c4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;font-size: 18px\">If you qualify for mortgage porting and decide to proceed, here are the steps you will need to take:<\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px\"><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">1.<\/span> <span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Check with Your Lender:<\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> The first step is to consult with your current lender to understand whether your mortgage has a portability feature. If it does, they can guide you through their specific process.<\/span><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px\"><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">2.<\/span> <span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Evaluate the Financial Implications:<\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Assess whether porting your mortgage makes financial sense for you. This would involve <\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">comparing the costs and benefits<\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> of porting versus breaking your mortgage.<\/span><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px\"><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">3.<\/span> <span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Apply for Porting:<\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> If you decide to go ahead with porting, you&#8217;ll need to apply with your existing lender. They will reassess your financial situation, conduct a credit check, and perform a property appraisal on the new home.<\/span><\/span><\/p><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px\"><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">4. <\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Close the Sale and Purchase:<\/span><span style=\"font-family: Arial, sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Once your lender approves your application, you&#8217;ll need to close the sale of your current property and finalize the purchase of the new one within a specified period (typically between 30 to 120 days).<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2068a8 elementor-widget elementor-widget-heading\" data-id=\"f2068a8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Pros_And_Cons_Of_Porting_A_Mortgage\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">Pros And Cons Of Porting A Mortgage<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bbe1c7c elementor-widget elementor-widget-text-editor\" data-id=\"bbe1c7c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;font-size: 18px;font-family: 'Open Sans'\">Like any financial strategy, porting a mortgage comes with its own set of advantages and disadvantages.<\/span><\/p>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 14pt;margin-bottom: 4pt\"><span class=\"ez-toc-section\" id=\"Pros\"><\/span><span style=\"font-size: 22px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Pros<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"margin-top: 0;margin-bottom: 0;padding-inline-start: 48px\">\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Retain Favourable Terms:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Porting allows you to carry forward your current mortgage&#8217;s beneficial terms and low-interest rate.<\/span><\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Avoid Prepayment Penalties:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Since you&#8217;re transferring and not breaking your mortgage, you won&#8217;t be charged prepayment fees.<\/span><\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 12pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Lower Monthly Payments:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> If interest rates have risen since you negotiated your existing mortgage, your payments will be lower than if you signed a new mortgage contract.<\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<h3 dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 14pt;margin-bottom: 4pt\"><span class=\"ez-toc-section\" id=\"Cons\"><\/span><span style=\"font-size: 22px;font-family: 'Open Sans';color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Cons<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"margin-top: 0;margin-bottom: 0;padding-inline-start: 48px\">\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Limited Time:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Lenders usually offer a window of 30 to 120 days to complete the porting process. This could be challenging if you&#8217;re trying to sell your home in a slow market.<\/span><\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 0pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Potential for Higher Rates:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> If other mortgage providers have better rates than your current lender, porting might not be the best option.<\/span><\/span><\/p>\n<\/li>\n<li dir=\"ltr\" style=\"list-style-type: disc;font-size: 11pt;font-family: Arial,sans-serif;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"><p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 0pt;margin-bottom: 12pt\" role=\"presentation\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">Re-qualification Process:<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Porting a mortgage can require document collection, income verification, and property appraisal, which could potentially lead to delays.<\/span><\/span><\/p>\n<\/li>\n<\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-23a31ac elementor-widget elementor-widget-heading\" data-id=\"23a31ac\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">Frequently Asked Questions<\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81f10b7 elementor-widget elementor-widget-text-editor\" data-id=\"81f10b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-size: 18px\"><b>Q: Can all mortgages be ported?<\/b><\/span><\/p><p><span style=\"font-weight: 400;font-size: 18px\">A: Not all mortgages can be ported. It largely depends on the terms of your current mortgage and the policies of your lender.<\/span><\/p><p><span style=\"font-size: 18px\"><b>Q: Can I port my mortgage to a more expensive home?<\/b><\/span><\/p><p><span style=\"font-weight: 400;font-size: 18px\">A: Yes, you can port your mortgage to a more expensive home. However, this could result in a &#8220;blend and extend&#8221; mortgage where you&#8217;ll need to borrow additional funds from your lender.\u00a0<\/span><\/p><p><span style=\"font-size: 18px\"><b>Q: Will porting my mortgage affect my credit score?<\/b><\/span><\/p><p><span style=\"font-weight: 400;font-size: 18px\">A: No, porting your mortgage does not have an impact on your credit score.<\/span><\/p><p><span style=\"font-size: 18px\"><b>Q: Can I port my mortgage to a less expensive home?<\/b><\/span><\/p><p><span style=\"font-weight: 400;font-size: 18px\">A: Yes, you can port your mortgage to a less expensive home. However, you might face a prepayment fee on the amount by which your mortgage decreases.<\/span><\/p><p><span style=\"font-size: 18px\"><b>Q: What if my mortgage is not portable?<\/b><\/span><\/p><p><span style=\"font-weight: 400;font-size: 18px\">A: If your mortgage is not portable, you might have to break your mortgage and pay the associated penalties. Alternatively, you could consider refinancing or transferring your mortgage to the buyer of your current home, if those options are feasible.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0d7e91a elementor-widget elementor-widget-heading\" data-id=\"0d7e91a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><span class=\"ez-toc-section\" id=\"Should_I_Port_My_Mortgage\"><\/span><span><h2><b><span style=\"font-size: 25pt;font-family: Open Sans;background-color: transparent;vertical-align: baseline\">Should I Port My Mortgage? <\/span><\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><\/span><\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0ccf88 elementor-widget elementor-widget-text-editor\" data-id=\"e0ccf88\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p dir=\"ltr\" style=\"line-height: 1.3800000000000001;margin-top: 12pt;margin-bottom: 12pt\"><span style=\"font-size: 18px;font-family: 'Open Sans'\"><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">In conclusion, porting a mortgage can be a beneficial strategy for homeowners looking to move houses or acquire a different house without disrupting their existing contracts. However, doing so requires thorough research and an understanding of <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">the process<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">, your <\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">eligibility criteria<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\">, and the<\/span><span style=\"color: #000000;background-color: transparent;font-weight: bold;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> potential financial implications.<\/span><span style=\"color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline\"> Make sure you consult with your lender, as well as a mortgage advisor or broker to ensure you make the most informed decision to stay on track for your long-term financial goals.\u00a0<\/span><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3907e8b elementor-widget elementor-widget-image\" data-id=\"3907e8b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mortgage.mohamedkonate.ca\/mortgage-services\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"209\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png\" class=\"attachment-large size-large wp-image-15494\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-300x83.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-768x214.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-397x110.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:27.81%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">4<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> Buying a new home before your mortgage term ends can be a costly affair due to prepayment penalties. However, homeowners in Canada have the option to bring their existing mortgage to their new home through a process known as mortgage porting.\u00a0 In this comprehensive guide, we explore everything you need to know about porting a&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/porting-a-mortgage-in-canada-the-complete-guide\/\">Continue reading <span class=\"screen-reader-text\">Porting A Mortgage in Canada: The Complete Guide<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":7355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-7352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-375x250.jpg",375,250,true]},"post_excerpt_stackable":"<p>Table of Contents What Is Mortgage Porting?Why Port A Mortgage?Avoid Prepayment PenaltiesRetain a Competitive Fixed RatePorting EligibilityHow To Port A MortgagePros And Cons Of Porting A MortgageProsConsFrequently Asked QuestionsShould I Port My Mortgage? Reading Time: 4 Min Buying a new home before your mortgage term ends can be a costly affair due to prepayment penalties. However, homeowners in Canada have the option to bring their existing mortgage to their new home through a process known as mortgage porting.\u00a0In this comprehensive guide, we explore everything you need to know about porting a mortgage in Canada. Below is a brief overview of&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-150x150.jpg",150,150,true],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-300x200.jpg",300,200,true],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-768x512.jpg",750,500,true],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",750,500,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg",900,600,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent-375x250.jpg",375,250,true]},"post_excerpt_stackable_v2":"<p>Table of Contents What Is Mortgage Porting?Why Port A Mortgage?Avoid Prepayment PenaltiesRetain a Competitive Fixed RatePorting EligibilityHow To Port A MortgagePros And Cons Of Porting A MortgageProsConsFrequently Asked QuestionsShould I Port My Mortgage? Reading Time: 4 Min Buying a new home before your mortgage term ends can be a costly affair due to prepayment penalties. However, homeowners in Canada have the option to bring their existing mortgage to their new home through a process known as mortgage porting.\u00a0In this comprehensive guide, we explore everything you need to know about porting a mortgage in Canada. Below is a brief overview of&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2023\/12\/house-model-with-real-estate-agent.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/7352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=7352"}],"version-history":[{"count":52,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/7352\/revisions"}],"predecessor-version":[{"id":15521,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/7352\/revisions\/15521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/7355"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=7352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=7352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=7352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}