How to Keep Your Low Fixed Mortgage Rate When Moving Homes

If you’re considering moving homes but you’re hesitant to lose your great fixed mortgage rate, don’t worry! There are options available to help you keep your low interest rate and continue to save money on your mortgage payments.

Here are three options to consider when moving homes and keeping your fixed mortgage rate:

Port Your Mortgage

Porting your mortgage means transferring your existing mortgage to your new property, including your interest rate and terms. This option is especially beneficial if you’re in the middle of a fixed-rate term and still want to keep your low rate.

However, keep in mind that your lender will need to approve the transfer, and you’ll need to meet certain criteria. Some lenders may also require you to pay a porting fee or an appraisal fee for your new property.

Blend and Extend Your Mortgage

Blending and extending your mortgage involves combining your existing mortgage with a new mortgage at the current market rate. This results in a new blended interest rate, which can be beneficial if the current market rate is lower than your fixed rate but still higher than your existing rate.

While this option may not keep your original fixed rate, it can still help you save money on your mortgage payments.

Break Your Mortgage

Breaking your mortgage means paying a penalty to switch to a new mortgage product with a lower interest rate. While this option may seem daunting, it could be worthwhile if the savings from a lower interest rate outweigh the penalty fee.

Before you decide to break your mortgage, it’s important to calculate the penalty fee and ensure that the savings from a lower interest rate will make up for the fee.


Overall, if you’re looking to move homes but want to keep your low fixed mortgage rate, there are options available to help you save money on your mortgage payments. Speak with your lender or a mortgage broker to determine the best option for your specific situation or contact us for more information.

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