Thinking about moving but worried about losing your great mortgage rate? If you already have a mortgage and you’re planning to buy a new home, porting your mortgage might be the move to make. But the rules can be a bit confusing, especially since every lender handles porting differently, so lets break it down and see what goes in to porting a mortgage.

🚚 What Is Porting a Mortgage?

Porting means transferring your existing mortgage rate, balance, and remaining term to a new property. It lets you keep your current interest rate, which could be huge if rates have gone up since you first locked in and you still want to keep your old rate. Most fixed-rate mortgages in Canada are portable, but not all variable-rate ones are (and the rules vary).

🏦 Major Canadian Lenders & Their Porting Rules

Here’s a quick rundown of how some of the major banks/lenders handle porting in 2025:

🔹 RBC

• Port period: 60 days (90 days for same borrower names).
• Allows port + increase: Yes.
• Port + decrease: Yes, but watch out for penalties on the reduced portion.
• Blended rate: Yes, for top-ups.

🔹 TD Canada Trust

• Port period: 120 days.
• Allows port + increase: Yes, using a blended or weighted average rate.
• Port + decrease: Yes; may have penalty on decreased amount.
• Must requalify: Yes, at current stress test rules.

🔹 Scotiabank

• Port period: 90 days.
• Blended rate: Yes, if you increase your mortgage.
• Early payout may apply: You must sell and purchase within the port window.

🔹 BMO

• Port period: 90 days.
• Allows port + increase: Yes, with new money at blended or current rate.
• Penalty on decreased amount: Often yes.

🔹 CIBC

• Port period: 90 days.
• Allows port + increase: Yes, blended.
• Port + decrease: Yes, but penalty may apply on reduced balance.

🔹 National Bank

• Port period: 90 days.
• Port + increase: Yes.
• Port + decrease: Yes; same rules — potential partial penalty.

🔹 Desjardins, First National, MCAP, RFA & other monolines

• Generally allow porting with 90–120 days to complete.
• Port + increase uses a blend-to-extend or blend-to-term.
• Most require full requalification.
• Some will only let you port if the new home closes after or on the same day as your old one.
• Some lenders have restrictions on porting, such as requiring a maximum purchase price of $1 million if your mortgage was taken on a property originally priced less than $1 million, a one month port at the maximum, and no variable rate ports. It is best to check with your specific lender on the rulings before jumping into a new purchase, especially if you still have a low rate that you want to keep.

🧾 What Are the Costs to Port?

Porting is usually cheaper than breaking your mortgage, but it’s not always free:

• Legal fees: $800–$1,500, depending on if it’s a refinance, blend, or full transfer.
• Appraisal fee: Sometimes required (~$300–$500).
• Penalty: Only if you port and decrease the mortgage amount. You may be charged a prepayment penalty on the difference depending on the lender.
• New funds blended in may be at a higher rate, which can impact your payment.

🛠️ Port and Increase vs. Port and Decrease

🔺 Port and Increase

This is when your new property needs a bigger mortgage than what you currently owe.

• Lender blends your existing rate with the current market rate.
• You end up with a blended rate; somewhere between your old rate and the new one.
• You’ll need to requalify for the new mortgage, and it’s subject to the current stress test.

🔻 Port and Decrease

You’re borrowing less than your current mortgage balance.

• You can usually still port, but the bank may charge you a partial prepayment penalty on the difference.
• Example: You had $500K mortgage, now only need $400K, so a penalty might apply on that $100K.
• You will keep your existing rate on the reduced mortgage amount.

🔄 Different Porting Options

Depending on the lender and how your situation plays out, here are the most common porting setups:

1. Straight Port

• Exact same mortgage balance, same term.
• No new money, no changes; just move it over.
• No penalties, no rate change.

2. Port & Blend to Term

• Keep your old rate for the remainder of your term.
• New money is at today’s rate.
• You end up with a blended payment, but the old and new chunks may expire at different times.

3. Port & Blend to New Term (Blend & Extend)

• Everything, old and new money, gets one new term.
• All blended into a single rate.
• Useful if you want to start fresh with a full 5-year term, for example.

📅 The Process to Port in 2025

Here’s what you can expect step-by-step:

1. Talk to a mortgage broker early — ideally before listing your current home.
2. Get pre-approved for your new home — you’ll need to requalify under current rules. You also want to ensure you fall within your lenders’ port guidelines(most important!).
3. Coordinate closing dates — lenders usually require your sale and purchase to close within 90–120 days of each other. This is lender specific, so check with your broker on this.
4. Lender approves the port and provides terms.
5. Lawyer registers the new mortgage on the new home.
6. Any penalties or fees are disclosed up front — no surprises at closing.

🧠 Should You Port Your Mortgage in 2025?

You might want to port if:

• You have a below-market interest rate you want to keep.
• You’re mid-term and don’t want to pay a prepayment penalty.
• You’re staying with the same lender and your financial situation hasn’t changed much.

But sometimes it’s better to break and shop around especially if:

• Rates have dropped since you got your mortgage.
• You want a more flexible term or a better prepayment setup.
• You’re switching lenders for a better deal.

It is likely the case that those who had lower interest rates in the 2021-2022 timeframe will be up for renewal until 2027, so you may want to take advantage of porting. For anyone else, it is likely the case that they have rates still quite above what is being offered today(bank rates were at 5%+ in 2024), so there may be options to break for a new, lower rate entirely, depending on what the penalty to break works out to be.

👋 Final Thoughts

Porting can be a smart move in this high-rate market, but every lender plays by their own rules. Before you list your home or make an offer on a new one, talk to a broker or your bank, who can help you figure out whether porting makes sense, the specific rulings around porting for the lender, or if it’s time to renegotiate for a lower rate and just pay the penalty to break.