Has anyone successfully “ported” their mortgage? Just learned about this and doing some research since rates are so high now. Current rate is 3% and new home will be more expensive, for context.

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I managed to port my mortgage. Took it out in 2020 during historic low interest rates. Locked it in for 5 years, and then ported it to our next property. Its definitely possible, the bank even suggested it. We used Barclays.

likehelpful

Is Barclays a USA bank?

Whattt, what does this mean??????

likefunny

Buy new house but keep old interest rate

Trying to figure this out now, but my lender wasn’t familiar with it when I called, so I doubt it’s an option for my mortgage (at a big bank). Following for tips!

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I don’t think this can be done in the US, that is why. I called my lender as well who was clueless.

This is a standard concept in the UK and most lenders allow it.

In fact if you sold your house during a fixed rate period on your mortgage (typically fixed for 2, 3 or 5 years) and didn’t port, you would be hit with an “early repayment charge”.

like

Hearing about portability for the first time.
Could we port the entire balance at a locked interest rate and top it off with another loan at prevailing interest rate?

Just called bank and my mortgage banker friend, not able to do this!

I did too. Sad sad news.

Have heard of it. Also heard of another variation where mortgage is transferred to new owners.

For example, if you have a mortgage on property X, if you sell it, the new buyers can “take over” your mortgage at existing rates

https://www.quickenloans.com/learn/what-is-mortgage-assumption

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