You can generally port your mortgage when moving to a new home within 30 to 120 days of selling your current property, with 90 days being a common standard. This timeline allows you to transfer your existing interest rate and terms to a new property, avoiding early repayment charges.
So if you want to port a variable-rate mortgage, you'll usually have to convert it to a fixed-rate mortgage first. Because you're transferring your mortgage from one property to another, you can only port if you buy a new home within 30 to 120 days after selling your current property — depending on your lender.
Some of the benefits of porting a mortgage could include: Keeping your current rate. If you've managed to secure a particularly low interest rate and rates across the market have since risen, porting can let you keep that great rate. Avoiding exit fees.
A portable mortgage allows a borrower to transfer their existing mortgage and mortgage rate to a new property when they move, instead of taking out a brand-new loan.
You'll need to reapply for your mortgage and you may not qualify. If you want to buy a more expensive property, you may find the lender won't agree to lend you more. When porting a mortgage and borrowing more, you'll be tied to one lender so you won't be able to shop around to see if you can find a better rate.
The "2-2-2 Rule" in mortgages isn't a single standard but refers to common guidelines lenders use, often involving two years of stable employment/income, two months of bank statements, two years of tax returns/W-2s, and sometimes two active, well-managed credit accounts, all to prove financial stability and reduce risk for a loan. Another "2-2-2" idea suggests refinancing if the rate drop is 2%, you'll stay >2 years, and closing costs <$2,000, while the "2% rule" for investors means rental income is 2% of the property's cost.
This can save you from paying early repayment charges or taking on a new mortgage deal with different terms. However, porting isn't always as straightforward as it may sound. Your new property must meet the lender's criteria, and you may need to go through a new application process, including a property valuation.
Wells Fargo, Bank of America, Capital One, and Quicken Loans are some of the lenders that may allow mortgage porting.
Risky spending habits
But frequent and large transactions to betting shops or gambling sites can be a major red flag. It suggests risky spending habits, which may raise concerns on whether you'll prioritise mortgage repayments.
The 3-7-3 Rule in mortgages isn't a loan type but a federal timeline from the TILA-RESPA Integrated Disclosure (TRID) rule, ensuring borrower protection by mandating disclosures within 3 business days of application, a 7-business-day wait between the initial Loan Estimate and closing, and another 3-day wait if significant changes (like APR) occur, giving borrowers time to review costs before committing to a loan.
The short answer: yes — you still need a down payment when porting a mortgage. The good news is that it usually comes directly from the sale proceeds of your current home once it closes.
Preserves Lower Payments Long-Term
This doesn't just improve month-to-month affordability—it also reduces your total interest paid over time. Even a 1% rate difference on a typical mortgage can translate to tens of thousands in savings, which makes porting a smart move when conditions line up.
You can move your mortgage deal to new home and keep same amount of borrowing. You need a deposit to borrow the money, this could be the equity you have in your current home. If the loan to value stays within the same LTV band (usually 5-10%) then we can refund 100% of your early repayment charges.
Borrowers don't get to choose their loan servicers
Unfortunately, it's not easy to change mortgage servicers if you're unhappy with yours. The only way to switch is through refinancing — but even then you can't control where the loan will end up.
If you meet their lending criteria and pass the application process and your lender is happy to port your mortgage, the process usually takes up to three months to complete. Your home may be repossessed if you do not keep up repayments on your mortgage.
How to port your number in 5 steps
Issues such as stricter lender criteria or changes in your personal circumstances may affect your ability to port your mortgage, as could a missed mortgage payment in the past or wanting to mortgage for a value different to the amount you've already taken out.
Understanding Mortgage Affordability in Canada
For insured mortgages in Canada, CMHC recommends a maximum GDS ratio of 39%. For a $90,000 salary (which breaks down to $7,500 per month), this means your housing costs shouldn't exceed $2,925 per month.