Portability

Portability is a feature of a mortgage that lets you transfer the loan to another property without incurring any penalties. This eliminates the need to refinance or take out a new mortgage, as the new property is used as the security for your existing loan. Portability is commonly used when the borrower sells his home and moves into a new one before the mortgage is fully paid. If the move increases the amount you owe on the loan, you may have to pay additional fees on top of the increase.