Transfer Mortgage

Transfer Mortgage in Ontario

If you are considering transferring your mortgage in Ontario, it is important to understand the process involved and the various factors that may affect your decision. In this article, we will cover everything you need to know about transferring a mortgage in Ontario, including the benefits, drawbacks, and requirements.

What is a mortgage transfer?

A mortgage transfer, also known as a mortgage port, is the process of moving your existing mortgage from one property to another. This can be done with the same lender or a new lender, and it typically involves paying a fee to transfer the mortgage.

Benefits of transferring a mortgage

Transferring a mortgage can offer several benefits, including:

  • Lower interest rates: If you can find a new lender with lower interest rates than your current lender, you could save thousands of dollars over the life of your mortgage.
  • Lower monthly payments: With a lower interest rate, your monthly mortgage payments will be lower, freeing up more money for other expenses.
  • Increased flexibility: Transferring a mortgage can also give you more flexibility with your mortgage terms, such as the length of the mortgage or the type of mortgage.

Drawbacks of transferring a mortgage

There are also some drawbacks to transferring a mortgage, including:

  • Fees: Transferring a mortgage typically involves paying a transfer fee, as well as legal and appraisal fees.
  • Penalties: If you are breaking your current mortgage contract to transfer your mortgage, you may also face penalties from your current lender.
  • Approval process: Transferring a mortgage is not always guaranteed, and you may have to go through a new approval process with a new lender.

Requirements for transferring a mortgage in Ontario

To transfer your mortgage in Ontario, you will need to meet certain requirements, including:

  • Your mortgage must be in good standing with your current lender, meaning you have not missed any payments or defaulted on your mortgage.
  • Your property must be eligible for a mortgage transfer, which can depend on factors such as the value of the property, the amount of the mortgage, and the type of mortgage.
  • You will need to provide documentation to your new lender, including proof of income, credit history, and property value.

Process for transferring a mortgage

The process for transferring a mortgage in Ontario typically involves the following steps:

  1. Contact your current lender to inquire about transferring your mortgage and to obtain a payout statement, which will show how much you owe on your current mortgage.
  2. Shop around for a new lender and compare interest rates, terms, and fees.
  3. Apply for a mortgage with the new lender and provide all required documentation.
  4. Once your application is approved, your new lender will contact your current lender to arrange the transfer.
  5. Your new lender will provide you with a new mortgage agreement and a breakdown of any fees or penalties.
  6. Sign the new mortgage agreement and pay any fees or penalties.
  7. Your new lender will register the new mortgage with the Land Registry Office and assume responsibility for your mortgage payments.

Tips for transferring a mortgage

Here are some tips to keep in mind when transferring a mortgage:

  • Start the process early: Transferring a mortgage can take time, so it is important to start the process early to avoid any delays.
  • Shop around for the best deal: Compare interest rates, terms, and fees from multiple lenders to ensure you are getting the best deal.
  • Read the fine print: Make sure you understand all the terms and fees associated with the new mortgage before signing the agreement.
  • Work with a mortgage broker: A mortgage broker can help you navigate the process and find the best mortgage for your needs.


Transferring a mortgage in Ontario can offer several benefits, including lower interest rates and increased flexibility. However, it is important to weigh the potential drawbacks, such as fees and penalties, before making a decision. If you are considering transferring your mortgage, it is recommended to do your research and work with a reputable mortgage broker to ensure a smooth and successful transfer process.


  1. Can I transfer my mortgage to a new property in a different city or province?
    • Yes, you can transfer your mortgage to a new property in a different city or province, but you will need to meet the eligibility requirements and go through the same transfer process.
  2. How much does it cost to transfer a mortgage in Ontario?
    • The cost of transferring a mortgage in Ontario can vary depending on factors such as the value of the property, the amount of the mortgage, and the fees charged by the lender.
  3. Can I transfer my mortgage if I have bad credit?
    • It may be more difficult to transfer your mortgage if you have bad credit, but it is not impossible. You may need to work with a specialized lender or take steps to improve your credit before applying for a transfer.
  4. Is it possible to transfer a mortgage to a new lender with a fixed rate?
    • Yes, you can transfer a mortgage with a fixed rate to a new lender, but you may need to pay penalties for breaking your current mortgage contract.
  5. Can I transfer my mortgage multiple times?
    • Yes, it is possible to transfer your mortgage multiple times, but you may need to pay fees and penalties each time and meet the eligibility requirements for each transfer.