There have been so many tumultuous changes over the last year.  We've seen the worst financial fallout since the Great Depression.  International companies going bankrupt, the shaking of the rock-solid American financial community, house prices have slid to 2003 levels, foreclosures through the roof, people losing jobs...it's been a terrible year.

That being said, there has been fantastic opportunities for investors.  If you're interested in picking up a new home or refinancing your home, now is the time.  Although lenders are more stringent with their criteria, rates are so low it warrants our attention.

This brings us to another unique lending opportunity: porting your mortgage.  Exactly what is it?  If you're a first time homeowner, it doesn't apply to you, but if you currently own your home and you see it in your existing mortgage documents, it applies to you.

A portable mortgage, or having the ability to "port your mortgage", means that the lender is allowing you to sell your existing home and purchase your new home and is allowing you to transfer the existing rate and principal of your mortgage to the new property.

This can be very beneficial.  Not only does it save the prepayment penalty, but it will allow you to transfer at the rate and principal of the mortgage to the new property.  If you need to increase the size of the mortgage, the lender will bump up the size of the loan and will blend the interest rate--using both the existing rate and the new rate--so that you will have the best rate possible.

Porting a mortgage is a seldom used tool to save money by the borrower.  It should be used as an effective way of holding onto as much equity as possible.