Products

Porting

Moving your existing mortgage to a new property without breaking the term — avoids the prepayment penalty. Most A lenders allow porting within a 30-90-day window of selling.

Porting carries your existing rate and term to your next home, sidestepping the prepayment penalty — gold when you're moving but locked into a low rate. If you need to borrow more for the new place, the lender blends your existing rate with today's rate on the new money.

It only works within one lender (you can't port to a different bank) and within their time window between selling and buying — often 30–90 days, sometimes up to 120. You also have to re-qualify on the new property at current rules.

Confirm portability and the exact bridge/port window with your lender before you firm up either transaction, so a timing mismatch doesn't accidentally trigger the penalty you were trying to avoid.

Sources

Breaking your mortgage contract (Financial Consumer Agency of Canada)

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Mortgage porting

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A lender

A bank or monoline that prices its lowest rates and tightest underwriting against borrowers who fit prime credit, income, and property criteria. The big banks (RBC, TD, Scotia, BMO, CIBC, NB) and major monolines (MCAP, First National, MERIX) are A lenders.

B lender

An alternative ("alt-A") lender that prices higher than A lenders but flexes on credit history, income documentation, property condition, or self-employed earnings. Examples include the alternative-lending programs of Equitable Bank and Home Trust.

Bridge financing

Short-term loan that lets you close on a new home before the sale of your existing one funds. Priced at prime + premium, secured against both properties, typically up to 90-120 days.

Closed mortgage

A mortgage that limits how much extra you can prepay each year and charges a penalty if you break the term early. Almost all standard Canadian mortgages are closed because the rates are materially lower than open.

Collateral charge mortgage

A mortgage registered against your property for more than the actual loan amount, letting you increase the limit later without re-registering. Common at TD and Scotia. Makes inter-lender switches harder mid-term.

Conventional mortgage

A mortgage with at least 20% down. No mortgage default insurance required. Pricing is typically higher than insured because the lender carries more of the credit risk.

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