Now and again, a client at de Bakker & de Bakker is unpleasantly surprised about the penalty they must pay to their lender to break their mortgage early upon selling. This penalty will vary based on your lender and the terms of your loan. If you have a five-year fixed-term mortgage and you sell your house two years into the term, you could be looking at a hefty penalty of thousands or even tens of thousands of dollars, depending on the amount of your mortgage. If you are in this situation, it is important to know that most lenders are able to “port” your mortgage, which means transferring your existing mortgage—along with its current rate and terms—from your current home to another home that you buy at the time you sell your first house. The terms of these contracts with lenders vary, so make sure to ask about it when signing up for a mortgage. Porting a mortgage may not work for everyone, and it may involve re-qualifying, but taking your old mortgage with you instead of getting a new can one save you a lot of money.