Can I Port My Mortgage When Moving in Alberta?
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·Reviewed by a mortgage professional
Short answer
You may be able to port your mortgage if your lender and product allow it, but you still need approval for the new property and any extra borrowing. Porting can preserve an existing rate, yet it is not automatic and may not always be the lowest-cost option.
The plain-English version
Porting moves some or all of your existing mortgage terms to a new property. If you are buying a more expensive home, the lender may blend the old rate with a new rate on the additional funds.
The lender still reviews your income, debts, credit, down payment, and the new property. Timing matters because the sale and purchase usually need to close within the lender window.
Alberta-specific considerations
- Porting can matter when moving from one Alberta city to another and keeping a favourable old rate.
- No Alberta land transfer tax helps the cash-to-close math, but legal, title, moving, and adjustment costs still apply.
- Rural or unique properties may require extra appraisal review before a port is approved.
Example scenario
A homeowner moving from Calgary to Cochrane with two years left on a low fixed rate may ask whether the mortgage can be ported. If the new purchase needs extra funds, the lender may offer blended terms on the larger balance.
Common mistakes to avoid
- Assuming every mortgage is portable.
- Missing the lender closing window between sale and purchase.
- Comparing only the old rate and ignoring penalty, blend, and new borrowing terms.
- Forgetting that the new property still has to be approved.