Should I Port My Mortgage or Get a New One? | Social FAQ

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Pulling out all the stops on this one... Welcome to another installment of the #OwnGrowProtect Social FAQs. You ask the questions, we provide the answers via YouTube posted to our blog!

So here we go, this question was tough to nail down, but I think Darren Quilley and I did it justice!

Port or New Mortgage, That is The Question!


As discussed in the video, it is really hard to give specific advice on whether it is a good idea or not to port a mortgage vs taking a new one without understanding all the details. Really the best advice is to contact a mortgage broker and work through all the details.

To have a conversation with Darren Quilley, you need but only contact him at your convenience.

What is the difference between a port and a transfer?

Often times these two terms get confused, more specifically people occasionally use the phrase "transfer my mortgage" and mean to a new property (as in the case of the above question) rather than to a new mortgage lender.

  • A "Mortgage Port" or "Porting Your Mortgage" is when you take an existing mortgage that is secured against a property and apply that mortgage in the purchase of a new property. Typically this scenario makes the most sense when you have an excellent rate or mortgage term that is not currently available on the market. You would sell your existing property and then "port" your existing mortgage to another property of similar value.
  • A "Mortgage Transfer" or "Transferring Your Mortgage" is when you have a mortgage with one lender and you change your mortgage to another lender. Typically this takes place when you have completed a mortgage term. Lets say you initially took a 5 yr term at Lender A, however upon completion of that term, we are able to arrange a mortgage with a better rate at Lender B, we would then "Transfer" mortgage lenders.

Social FAQs


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I am wearing a kilt right now. I have consumed coffee today. Family Man. Innovator. Follow me on Twitter @kiltedbroker | Formerly the Executive Editor of the First Foundation #OwnGrowProtect…

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