What You Need to Know About Porting a Mortgage When Moving

Shaun Zipursky • September 16, 2026

Porting Your Mortgage: What You Need to Know Before You Rely on It

Porting a mortgage means transferring your existing interest rate, remaining term, and outstanding balance from your current home to a new one when you sell and buy again.

While some lenders—especially big banks—make porting sound simple, the reality is that porting a mortgage is often complex and far from guaranteed. It’s not a magic solution, and it doesn’t mean you automatically get to keep your old mortgage on your new home.

In many ways, porting a mortgage feels like applying for a brand-new one—often with more conditions.

Here’s why.

1. You Still Have to Re-Qualify

Even though you already have the mortgage, the lender will reassess you.

If you:

Changed jobs
Moved to a new city
Are on probation
Switched industries or income types

…the lender may decline the port. Your previous approval does not carry over automatically.

2. The New Property Must Be Approved

The lender also reassesses the new property.

Just because they accepted your previous home as collateral doesn’t mean they’ll approve the next one. Expect:

A new appraisal
A review of the property’s condition
Scrutiny around marketability and value

If the lender isn’t comfortable with the property, the port can fail.

3. Property Values Rarely Line Up Perfectly

Most moves involve a price difference.

Buying a more expensive home:
You’ll likely need additional funds at a blended rate, which can increase your payment.
Buying a less expensive home:
You may face a penalty for reducing the mortgage balance.

Either scenario can affect your costs.

4. You Still Need a Down Payment

Porting doesn’t mean you “swap houses” without cash.

You still need:

A down payment on the new purchase
Closing costs
Funds available at the right time

This often surprises buyers.

5. Penalties Usually Still Apply (At First)

Most lenders:

Charge the full mortgage penalty when you sell
Refund it only after the port is successfully completed

If you’re relying on sale proceeds for your down payment, this temporary penalty can create a cash-flow issue.

6. Timelines Rarely Line Up Perfectly

Real estate markets don’t cooperate.

You might:

Sell quickly but struggle to buy
Find a home quickly but wait months to sell

Closing dates rarely align, which complicates porting even further.

7. Port Periods Vary by Lender

This is where the fine print matters.

Depending on the lender, the port window may be:

Same day only
30 days
90 days
Up to 6 months

If the port window is short, both transactions must close within that timeframe—or the port fails.

Longer port periods offer flexibility, but also carry the risk of selling first and not finding a replacement property in time.

The Bottom Line

Porting your mortgage can make sense—especially if you have a strong rate and are buying a similar-priced home. But it is not guaranteed, and it comes with conditions, risks, and timing challenges.

Portability is a feature, not a promise.

Before you rely on it, it’s important to review all your options, including whether staying with your lender actually makes financial sense.

If you’re planning to sell and buy, I’d be happy to walk you through the process, explain your options clearly, and help you decide whether porting is the right move—or if another strategy makes more sense.

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Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Shaun Zipursky • October 28, 2026

On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

Stress-Testing Your Mortgage Affordability: Why It Matters

By Shaun Zipursky • October 21, 2026

Buying a home is one of the biggest financial commitments you’ll ever make. That’s why lenders want to be sure you can handle your mortgage payments—not just today, but also if interest rates rise in the future. This is where the mortgage stress test comes in. Many Canadians hear the term but aren’t entirely sure what it means or how it affects them. Let’s break it down in plain language. What Is the Mortgage Stress Test? The stress test is a rule introduced by the federal government that requires all mortgage applicants to qualify at a higher rate than the one they’ll actually pay. Currently, you must qualify at the greater of your contract rate + 2% or the benchmark qualifying rate (set by the Office of the Superintendent of Financial Institutions). For example: If your lender offers you a 5-year fixed mortgage at 5.25%, you must show you could still afford the payments at 7.25% . Even if rates don’t rise that high, the stress test ensures you won’t be overextended if they do. Why Does It Matter? The stress test protects both borrowers and lenders by: Preventing over-borrowing : It ensures you don’t take on more debt than you can realistically handle. Preparing for rate hikes : With interest rates fluctuating, it’s a safeguard against sudden increases. Strengthening financial stability : It lowers the risk of defaults, protecting the housing market as a whole. While it can sometimes feel like a barrier—reducing the amount you qualify for—it’s ultimately designed to keep you from becoming “house poor.” How Does It Impact Buyers? The stress test can significantly affect your homebuying budget. For example, without it, you might qualify for a $600,000 mortgage, but with the stress test applied, you may only qualify for $500,000. That doesn’t mean your dream of homeownership is out of reach—it just means you may need to adjust expectations or explore other strategies, such as: Increasing your down payment Paying down existing debts Considering alternative lenders who may have different qualification standards Why Work With a Mortgage Professional? Every lender applies the stress test, but not every lender views your application the same way. An independent mortgage professional can: Shop multiple lenders to find the best fit Run affordability scenarios at different rates Help you understand how much house you can truly afford—without stretching your finances too thin The Bottom Line The mortgage stress test isn’t meant to stop you from buying a home—it’s there to protect you from financial strain down the road. By understanding how it works and planning ahead, you can make smarter choices and buy with confidence. If you’re thinking about purchasing a home, refinancing, or simply want to know how the stress test affects your options, connect with us today. We’ll help you stress-test your budget and find the mortgage solution that works best for you.

What to Expect in the Closing Process: A Step-by-Step Guide

By Shaun Zipursky • October 14, 2026

You’ve found the right home, your offer’s been accepted, and your financing is approved—congratulations! But before you can pick up the keys and celebrate, there’s one more important stage: the closing process. Closing is the final step in your homebuying journey, where all the paperwork, legal details, and financial transactions come together. It can feel overwhelming if you don’t know what to expect, but with the right preparation, closing can be smooth and stress-free. Here’s a step-by-step guide to help you understand the process. Step 1: Hire a Lawyer or Notary A real estate lawyer (or notary, depending on your province) handles the legal side of closing. They will: Review the purchase agreement and mortgage documents Conduct a title search to confirm the seller has the legal right to sell the property Ensure the mortgage lender is properly registered on the title Handle the transfer of funds between you, the lender, and the seller Your lawyer or notary will be your main point of contact during closing, so choose one you trust and who communicates clearly. Step 2: Finalize Your Mortgage Your lender will send the mortgage instructions directly to your lawyer or notary. At this stage: You’ll provide proof of property insurance (lenders require this before releasing funds) You’ll confirm your down payment and closing costs are available in your lawyer’s trust account The lawyer will prepare all documents for your review and signature Step 3: Pay Closing Costs Closing costs typically range from 1.5% to 4% of the purchase price. These can include: Legal fees Title insurance Land transfer tax (where applicable) Adjustments for property taxes or utilities prepaid by the seller Home inspection or appraisal fees (if not already paid) Your lawyer will provide a final statement of adjustments so you know exactly how much is due on closing day. Step 4: Sign the Paperwork A few days before closing, you’ll meet with your lawyer or notary to sign all the necessary documents, including: Mortgage agreement Title transfer Insurance confirmations Statement of adjustments Bring valid government-issued ID to this appointment. Step 5: Transfer of Funds On the day of closing: Your lender sends the mortgage funds to your lawyer Your lawyer combines these funds with your down payment and pays the seller Legal ownership of the property is transferred into your name The lender is registered on title as a secured creditor Step 6: Get the Keys! Once the paperwork is filed and the funds have cleared, your lawyer will confirm that the transaction is complete. You’ll then get the keys to your new home—officially making it yours. The Bottom Line The closing process is a series of important steps, but with the right team in place, it doesn’t have to be stressful. By working closely with your mortgage professional and lawyer, you’ll have guidance every step of the way—from signing the documents to turning the key in the front door. If you’d like help preparing for the closing process—or want a clear breakdown of your own closing costs— connect with us today.