What is the primary benefit of a portable mortgage?

A portable mortgage primarily allows the borrower to transfer their existing mortgage from one property to another without having to pay a penalty or incur additional costs. This is particularly beneficial for individuals who wish to move but want to retain the favorable terms of their current mortgage, such as a lower interest rate or specific payment structure that may not be available on new loans.

When borrowers find a new property they wish to purchase, having a portable mortgage can make the transition easier and more financially advantageous. Instead of needing to pay off the existing mortgage and secure a new one, they can seamlessly transfer their mortgage, maintaining their current terms and possibly avoiding penalties associated with breaking the original mortgage agreement.

This feature supports financial mobility for homeowners while preserving their existing mortgage benefits, making it a compelling option for those anticipating a property change.