Chase Bank generally does not offer traditional "mortgage porting" (transferring an existing rate and terms to a new property) in the U.S. market. Instead, they typically require borrowers to pay off the existing loan upon selling, and if moving, to apply for a new mortgage.
Yes, if you use individual or recurring bill payments through Chase or another bank, you'll need to change your loan number and update the payee to your new servicer. You'll receive more information about this change prior to your transfer.
Wells Fargo, Bank of America, Capital One, and Quicken Loans are some of the lenders that may allow mortgage porting.
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.
Steps to Port Your Mortgage: 1. Initial Requirements: First, you'll need a confirmed offer for selling your current home and a purchase agreement for your new property. Ideally, both transactions should close on the same day, although we can accommodate a maximum gap of 30 days between the two dates.
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.
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.
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.
How to port your number in 5 steps
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.
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.
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.
Domestic and international incoming wires have a $15 fee per transfer.1 Outgoing wire transfers are not available. Early direct deposit: This service comes with your Chase Secure Checking account in which we credit your eligible direct deposit transaction up to two business days early.
The mortgagee clause guarantees that the lender's financial interest is protected in case of property damage by prioritizing them for insurance payouts. Although the clause protects lenders, it can still provide homeowners with funds for necessary repairs or rebuilding.
Porting a mortgage rate is when you buy a new home and effectively take your rate with you. It could be useful if you have a mortgage rate that you want to keep, as you'll retain the same rate as your current deal. You'll still be applying for a new mortgage, but your current rate would apply if you're able to port it.
The main "2 rule" for refinancing is getting your interest rate at least 2 percentage points lower, but other key considerations include calculating your break-even point (how long to recoup closing costs) and your reason for refinancing (lower payments vs. shorter term). A significant rate drop (like 2%) usually makes refinancing worthwhile if you stay long enough, but even smaller drops can save you money over time, especially with high loan amounts or long stays.
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.
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.
If you are not able to complete your new purchase after 180 days of paying off your existing mortgage, the existing mortgage product and its rate will be lost, and you won't be able to port your mortgage. You will need to apply for a new mortgage product with the current rates available.
Here's what you can expect to pay for both 15- and 30-year mortgage loan payments on a $750,000 loan using today's mortgage rates: 30-year fixed mortgage at 6.15%: $3,655.37 per month. 15-year fixed mortgage at 5.65%: $4,950.39 per month.