Mortgage term
Porting
Definition
Transferring your existing mortgage — rate, term, and remaining balance — to a new property when you move. Avoids breaking the mortgage and paying a penalty. Usually requires closing the sale and purchase within 30–120 days.
If you're mid-term with a rate materially below current market, porting can save thousands. If your existing rate is above current market, paying the penalty and taking a new mortgage at the lower rate is usually cheaper — do the math.
Porting-plus-increase blends your existing rate with the current rate on the new money. Not all lenders port at all — check before you list.