Real Estate

Porting a mortgage question

  • Last Updated:
  • Feb 17th, 2021 1:46 pm
[OP]
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Oct 24, 2009
33 posts
57 upvotes

Porting a mortgage question

If I'm moving from one property to another within Ontario, what exactly are the steps around porting a mortgage? Do I have to break the current mortgage and pay a penalty first before taking on another mortgage for the property I'm moving to? I'm not quite too sure on the timing of this. If I'm planning on moving from Durham to York region within the next two years, should I take on a 2 year mortgage if I'm refinacing?
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Jan 2, 2012
3979 posts
1847 upvotes
Toronto
Hewhewhew wrote: If I'm moving from one property to another within Ontario, what exactly are the steps around porting a mortgage? Do I have to break the current mortgage and pay a penalty first before taking on another mortgage for the property I'm moving to? I'm not quite too sure on the timing of this. If I'm planning on moving from Durham to York region within the next two years, should I take on a 2 year mortgage if I'm refinacing?
If you are selling your current property and buying a new one, typically lenders will allow you to "port" the existing mortgage over to the new property (and possibly add further mortgage amount if needed), all at no cost.

However porting rules vary by lender, so you need to ask your specific lender what their policies are.

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