{"id":235,"date":"2017-06-01T13:02:40","date_gmt":"2017-06-01T17:02:40","guid":{"rendered":"https:\/\/www.ratetrade.ca\/blog\/?p=235"},"modified":"2022-07-21T12:42:51","modified_gmt":"2022-07-21T16:42:51","slug":"what-is-porting-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.ratetrade.ca\/blog\/what-is-porting-a-mortgage\/","title":{"rendered":"What is porting a mortgage?"},"content":{"rendered":"<p><strong>What is porting a mortgage? :<\/strong> Meeting the outlays of buying a house is solely possible if you make a fortune or if you opt for a mortgage. Sometimes you take a\u00a0<a href=\"https:\/\/www.ratetrade.ca\/mortgage-payment-calculator\">mortgage porting\u00a0calculator<\/a> to buy a property and with due course of time you find the house of your dreams. So you decide to sell your current home so that you can shift to another house.<\/p>\n<p>With your current mortgage that persistent for a few years, what do you do? Break your mortgage? The easier, quicker and feasible solution as compared to breaking your mortgage is <a href=\"https:\/\/www.ratetrade.ca\/mortgage-refinance-penalty\">porting mortgage explained<\/a> as you move your furniture from the old house to your new dwelling, your existing mortgage can be transferred with its current rate and terms to the new property.<\/p>\n<h3><strong>Under what circumstance can you port your mortgage?<\/strong><\/h3>\n<ul>\n<li>The sole condition for porting your current mortgage is you have to simultaneously sell your current property while you buy a new one.<\/li>\n<li>Generally only fixed interest mortgages\u00a0 portable.<\/li>\n<\/ul>\n<h3><strong>What to do if you need additional money during porting mortgage?<\/strong><\/h3>\n<p>Needing financial assistance in the form of the mortgage while buying a bigger and better house is a common dilemma which can effortlessly handled by your lender by offering you blend and extend which is a weighted average of the old mortgage interest rate and extra money at current <a href=\"https:\/\/www.ratetrade.ca\/best-mortgage-rates\/fixed\">mortgage rate<\/a>.<\/p>\n<p>For example, if you have a prevailing C$300000 balance on your mortgage with a fixed rate of 3.1% and you half way through a 5 year plan.<\/p>\n<p>Now you have liked a new property requiring you to take an additional mortgage of C$100000. You can break the existing mortgage of C$300000 and pay the penalty or opt for additional loan from your lender at a <a href=\"https:\/\/www.ratetrade.ca\/best-mortgage-rates\/fixed\">blended mortgage rate<\/a> between 3.1%-3.69%, assuming the current rate of mortgage for additional C$100000 is 3.69%<\/p>\n<p>Porting an excellent option to save yourself from hefty penalty charges. Before you consider porting, ensure that the new mortgage rate offered by lenders is less than your blended rate otherwise it makes no sense porting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is porting a mortgage? : Meeting the outlays of buying a house is solely possible if you make a fortune or if you opt for a mortgage. Sometimes you take a\u00a0mortgage porting\u00a0calculator to buy a property and with due &#8230;<\/p>\n","protected":false},"author":1,"featured_media":635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[83,81,67,82,220],"class_list":["post-235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-rates","tag-blended-mortgage-rate","tag-mortgage-porting-calculator","tag-mortgage-rate","tag-porting-a-mortgage-explained","tag-what-is-porting-a-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is porting a mortgage? | Get Mortgage News Canada | Latest Updates | RateTrade Blog<\/title>\n<meta name=\"description\" content=\"Comparing the best TFSA savings accounts, open account online and top providers across Canada with the highest interest rates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ratetrade.ca\/blog\/what-is-porting-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is porting a mortgage? | Get Mortgage News Canada | Latest Updates | RateTrade Blog\" \/>\n<meta property=\"og:description\" content=\"Comparing the best TFSA savings accounts, open account online and top providers across Canada with the highest interest rates.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ratetrade.ca\/blog\/what-is-porting-a-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Get Mortgage News Canada | Latest Updates | RateTrade Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ratetrade\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/ratetrade\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-01T17:02:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-21T16:42:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ratetrade.ca\/blog\/wp-content\/uploads\/2017\/06\/What-is-porting-a-mortgage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rate Trade\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ratetrade\" \/>\n<meta name=\"twitter:site\" content=\"@ratetrade\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rate Trade\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ratetrade.ca\/blog\/what-is-porting-a-mortgage\/\",\"url\":\"https:\/\/www.ratetrade.ca\/blog\/what-is-porting-a-mortgage\/\",\"name\":\"What is porting a mortgage? 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