Porting your mortgage means taking your current mortgage along with its current rates terms and transferring them to anew property. Please note that even if you recently qualified for your current mortgage, the new property you’re buying may need to be appraised and go through its own qualifying process in order to port your mortgage. In many circumstances, you may need to increase the mortgage amount in order to purchase the new property. This is where it may get a little tricky, especially if interest rates have gone up from your last renewal. Not to worry — this is what industry professionals call a “Blend and Extend.” This will allow you to keep the interest rate and term from your existing mortgage and blend it with the new interest rate and term from the excess amount required to buy the new property, ultimately resulting in one blended interest rate and term. In the circumstance that interest rates are lower than when you last renewed your mortgage, you may want to consider discharging your existing mortgage and renew the entire amount at the lower interest rate so long as the savings are greater than any discharge penalty you may have to pay. As a licensed Mortgage Broker with VHME, I am able to provide you with various scenarios related to your mortgage.