Straight Port: This is simply keeping the same balance rate and terms as with your current home.
Port and Increase: this is when you need to borrow more money than you currently owe on your mortgage. This will create a blended mortgage rate: the original balance at the existing rate and the increase portion at the new rate to create a new blended rate.
Port and Decrease: depending on how much you are downsizing the mortgage, and which lender your mortgage is with, you may have to pay a pro-rated penalty.
There are times that porting is not the most cost effective option. If your current mortgage rate is higher than current rates, depending on the prepayment penalty, it may be better to break the existing and start new. We are more than happy to review your options and see what will save you the most money. We look beyond the rate to educate our clients on mortgages and all the options available.