Considering selling your home in Canada before your mortgage term ends?

It’s a common process in Canada, but it’s essential to understand how breaking your mortgage can affect your finances.

Whether you hold a fixed or variable-rate mortgage, knowing your options, penalties, and the “porting” process can help you make an informed home buying decision that aligns with your financial goals.


What Happens to Your Mortgage When You Sell?

When you sell a property with an outstanding mortgage, the mortgage itself doesn’t automatically transfer to a new owner. Instead, you have a few main options:

  1. Pay Out the Mortgage: This involves closing your mortgage entirely and paying any applicable penalties.

  2. Port the Mortgage: You…

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