Whether you own a home and are planning to move to a new one or you are in the market for a first home with plans to move in the future, mortgage portability is something worth considering. Basically, porting your mortgage is when you transfer your current mortgage rate and terms to your new property. Not only that, portability also helps ensure that you don’t face any penalty fees.
However, it’s important to note that portability isn’t always available in all scenarios, so be sure to look into your portability options before committing to a new property.