Porting

Definition

  • This option allows you to transfer the interest rate and all the existing terms and conditions of your current mortgage over to your new property. The advantage of "porting" your mortgage is that you automatically avoid any prepayment fees for breaking your existing mortgage. Porting your mortgage usually requires a home appraisal to be performed on the new property and a credit review. Legal fees may also apply to register the mortgage to the new home.

Synonyms
straight port, port increase, portable mortgage, port decrease, ported mortgage, mortgage porting, porting a mortgage

Alternate Spellings
switch, transfer

Related Terms and Acronyms

  • Assumable Mortgage Definition, Very Important,
    • A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
  • Debt Consolidation Definition,
    • The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • Legal Fees and Disbursements Definition,
    • Charges paid on your behalf by a solicitor that are in addition to professional costs.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Mortgage Renewal Definition, Very Important,
    • A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
  • Refinance Definition,
    • To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
  • Term Definition,
    • The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
  • Transfer of Title (TOT) Acronym,
    • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
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