How can a borrower benefit from a portable mortgage?

A portable mortgage allows borrowers to transfer their existing mortgage to a new property without having to incur new fees, which is the primary benefit. This flexibility is particularly advantageous for homeowners who want to move to a different house while maintaining their current mortgage terms, including the interest rate. By avoiding penalties associated with breaking a mortgage and the costs of securing a completely new loan, borrowers can save money and simplify the process of relocating.

This transferability enables borrowers to retain favorable mortgage conditions that might not be available in the current market, especially if they locked in a low-interest rate prior to moving. It makes the transition more seamless and financially viable, useful for those upsizing, downsizing, or relocating.

The other choices do not accurately reflect the specific benefits tied to a portable mortgage. Lowering the principal amount owed typically involves other mechanisms, and obtaining a lower interest rate is not guaranteed during the transfer. Additionally, while moving to a new property might align with avoiding a sale in some circumstances, the primary characteristic of portability is centered on the transfer of the existing mortgage itself.