01
What portability means
A portable mortgage may let you move some existing terms to an eligible replacement property. It is a contract feature, not an automatic right to financing.
02
Ask about the details
Check timing limits, new qualification, a larger or smaller balance, different borrowers and any blended rate. A gap between closing dates can also matter.
03
Compare the alternatives
Request written figures for porting and for paying out the old loan. Include fees and penalties before deciding.
General information only. Product availability, eligibility and conditions vary by lender and application.