Many mortgage holders forego certain mortgage features in favour of a lower interest rate. If this is your strategy, and if you’re planning on moving before your mortgage term is up, you may want to make sure portability isn’t one of the features you’re giving up.

A portable mortgage is one that allows you to transfer your existing mortgage — with all its terms and conditions — to a new property. So if interest rates are going up, you can keep your existing rate on your new home. If the new property costs more than the first, the extra value would be mortgaged at the current rate. Instead of paying two mortgages at two different rates, the lender would likely just blend, or average, the two rates.

Without mortgage portability, you would have to pay a fee to get out of your current mortgage and then sign a new one at the current (and likely higher) rate. So, while a lower rate may be appealing right now, it may be worth it to pay a few tenths of a percentage more for the added flexibility associated with portability.