The ability to transfer your existing mortgage to a new property without breaking the term.
If you sell your home and buy another during your mortgage term, a portable mortgage lets you move the existing mortgage (with its current rate and terms) to the new property. This avoids prepayment penalties. Most major Canadian lenders offer portability, but the terms vary. You typically have 30-120 days to complete the port. If the new property is more expensive, you can blend your existing rate with a new rate for the additional amount (called a blend-and-extend).
Related terms: Prepayment Penalty | Mortgage Renewal