Take your mortgage with you when you move
If you’re moving and you already have a great rate on your mortgage, you may want to bring your great rate and your mortgage with you to your new home. It’s a particularly good idea to move — or “port” — your mortgage if your existing rate is lower than current rates, or if you will incur prepayment charges by breaking your mortgage early.
What is porting your mortgage?
Porting your mortgage means taking your existing mortgage—along with its current rate and terms—from your current home to your new home. You can port your mortgage if you’re purchasing a new property at the same time you’re selling your existing one.