Keep Your Rate When You Move to a New Home
Mortgage Porting in Calgary AB
A RECA licensed Calgary broker who checks if your current rate can move with you.
I talk to lots of Calgary homeowners who want to move without having to give up their current interest rate. When you sell your home and buy a new one, mortgage porting in Calgary allows you to transfer your existing interest rate and term to the new property. This article explains how porting works, what information you need, and whether it's right for you.
Most of the questions I receive from Calgary clients about porting can be resolved in under a week after we've reviewed your existing mortgage details and the address of the home you're purchasing. As a Calgary mortgage broker, I'll go over your file with you and let you know whether porting is the right option for you, or whether there's something else that's a better fit.
What Is Mortgage Porting in Calgary?
Mortgage porting in Calgary means moving your existing mortgage to your next home. Rather than resetting your rate and term, you retain the current values of your existing mortgage. Lenders must approve the new property before the port can be finalized.
- You maintain your current rate and term
- You may be able to avoid paying a prepayment penalty
- You still need lender approval for the new property
Why Timing Matters When You Port in Calgary
In Calgary, timing is key. Most Calgary homeowners end up selling and buying within a matter of weeks, particularly in popular neighbourhoods like Auburn Bay. The new property must be approved by the lender before the port can close. I do this ahead of time to make sure you know what's going on.
A gap of even a few days between your sale and purchase can change how a port gets handled. Some Calgary lenders hold firm on their review timelines no matter how close your closing dates are. I keep track of both dates from the start, so we're not scrambling to fix a timing problem after your offer is already accepted.
Porting vs. A New Mortgage in Calgary
There are times when mortgage porting is not the best choice for you. If your current mortgage rate is above today's rates, a new mortgage may actually work out better for you. If your rate is below today's rates, porting will help you keep that lower rate.
My Calgary clients get a comparison between the two so they understand the exact cost difference. You see what you'll save by porting versus what you'll pay on a new mortgage. You're making an informed choice based on actual numbers.
How Do I Port My Mortgage in Calgary?
Before you can port your mortgage, you need to know your current balance, term, and interest rate. You also need the address of the new property once you have one.
If you're purchasing a new build in a newer Calgary development, such as Cranston or Evanston, your lender will require additional paperwork regarding the property. I provide a list of required documents before you submit your application, so there are no surprises along the way.
The Process of Porting a Mortgage
Here is the typical process for porting a mortgage:
- Get in touch with me as soon as you list your Calgary home
- I review your existing mortgage information
- You find your new home and have a firm offer in place
- I submit a port request to your lender
- Lender reviews the new property and your finances
- You receive an approval
- We close on your new mortgage with the ported rate
Calgary closings can happen very quickly, so it's best to begin the process early to allow the file to progress through the lender's review process.
How Do I Know If My Port Is Approved?
The lender considers several factors before approving a port. The lender will review your income, credit, and the property you're purchasing.
Certain properties in Calgary require additional review. Some new builds, for example, located in Signal Hill, may take longer because the lender requires complete information about the construction. I identify these properties in advance so you don't experience delays after you've already started the sale of your current home.
Common Mistakes When Porting Mortgages in Calgary
The biggest mistake I see is when a buyer doesn't coordinate their sale and purchase closings properly. If the sale of your current home closes before the purchase of your new home, you may be forced to obtain a bridge loan for the interim period.
Calgary's real estate market is highly competitive and offers can be accepted faster than many people anticipate. I assist my clients in coordinating the timing of their sale and purchase so that they avoid taking out a bridge loan unnecessarily.
Why Choose Me
I spent 40 years in Calgary's lending industry, including 33 years working directly inside a bank, before I became a mortgage broker in Calgary. I've seen how rate hikes, oil booms, and slow years each hit a Calgary homeowner's mortgage differently.
I'm RECA licensed and hold an FCSI certification. I broker through Dominion Lending here in Calgary. As a Calgary-based mortgage broker, I look at your full financial picture, not just the lowest rate on a sheet.
I was born and raised in Calgary and raised four kids here too. When you call my office, you're talking to someone who might run into you at the grocery store next week. I treat every file the way I'd want my own family's mortgage handled.
Frequently Asked Questions
Can I port my mortgage to a new home in Calgary?
Yes, you can port your mortgage to a new home in Calgary if your lender approves the new property.
How long does mortgage porting take in Calgary?
Most Calgary port requests get a decision within one to two weeks.
Can my mortgage port be rejected?
Yes, a port can be rejected if the new property or your finances don't meet lender rules.
Do I need a down payment to port my mortgage?
Yes, you still need a down payment that meets the requirements for the new property.
Can I borrow more when porting my mortgage in Calgary?
Yes, you can often borrow more through a blended rate on the extra amount.
Will I pay early repayment charges if I port?
No, you usually avoid early repayment charges if your port is approved and completed on time.
Contact
Ready to Port Your Mortgage in Calgary?
The sooner you call, the sooner you'll know if porting fits your move. I'll walk you through your rate, your options, and your next steps, with no sales pitch.