In a mortgage context, what does 'portability' allow a borrower to do?

Portability in a mortgage context refers to the ability of a borrower to transfer their existing mortgage from one property to another. This feature can be especially beneficial for homeowners who are moving and want to retain their current mortgage terms, such as interest rates and remaining balance, rather than having to qualify for a new mortgage which may have different terms or rates. This can save the borrower from potential penalties and allow them to keep a favorable interest rate that they may have secured earlier in their mortgage term. Thus, the correct choice represents an important aspect of mortgage management, helping borrowers maintain continuity as they transition to a new home.