I was told that my Canadian mortgage could be 'ported' like this, although I haven't had to look into it. From my experience Canadian mortgages have less fees up front at closing compared to US mortgages but typically they sway you towards a locked 3 to 5 year term where you might face penalties for breaking the mortgage. The 'port' options can be used in this situation to avoid the fees.
Aren't long term fixed interest mortgages basically unheard of in Canada though? Having portability with your mortgage would only really benefit people with fixed interest rates lower than the prevailing interest rate.
Yes, but when you're signing a mortgage with potential prepayment penalties and you're afraid that you might not live there for say 5 years, your lender will use the 'port' option to reassure you. I suspect that's the main feature. Not to lock-in a 30-year rate and have it follow you.
