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.
How moving your mortgage can save you money
Moving or porting your existing mortgage can often save you money on interest costs and other charges. Here’s how:
- Porting your mortgage lets you transfer your existing interest rate and terms to your new home.* If you have a great rate, chances are you won’t want to lose it!
- Even if you require a larger mortgage amount for your new home, you can blend your existing rate with the current rate to get a more favourable overall rate for the extra funds — and a lower monthly payment. If you have an RBC Homeline Plan®, you’ll have the ability to open additional segments to cover the additional funds that you require.
- For the ported amount, you will avoid prepayment charges that are applied when you break a mortgage early. Depending on how much time is left on your term, these savings could be significant.
If you’re planning on moving
If you’re going to be moving in the near future, here are some steps you can take to ensure you make the most of your mortgage options:
- Calculate whether it makes sense to move your mortgage to a new property by using our Mortgage Payment Calculator. You will want to know what the prepayment fees are, and how much money in interest you would save by keeping your lower rate.
- Use the Mortgage Prepayment Charge Calculator to see if it’s in your best interest to break your current mortgage.
- Speak with an RBC® mortgage specialist, who can review all of your mortgage options with you. They will help you find a solution that gives you the greatest financial benefit.
Life isn’t always in sync with your mortgage term. The option of moving your mortgage with you gives you the flexibility to keep your existing rate and term while avoiding prepayment charges.
* Additional terms and conditions apply. Speak to your RBC mortgage specialist or someone at the branch for details. Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. ® / Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. VPS97296
