Ontario Canada, there must be a reason why they do not want to renew it. Are you in default ? What circumstances do you have that made the lender reject your renewal. Could it be that what you owe is higher than what the value of the property is ? If you can tell me the reason, I may be able to give you a more definite course of action - email me victor_catalan@centum.ca

Porting is for you if you get better rates in doing so. Porting is carrying over the contract to the new property. If you sell the current house with the equity and apply a new mortgage, you will be able to save on payments especially if the rates are lower now. You can then have a substantial down payment on the smaller house, have a lower rate mortgage and hopefull have some cash left.

You must make sure when telling the agent at the bank that is doing your deal that you do not want to pay multiple CMHC fees. If they over look thsi it will costs you thousands. If done correctly, you will only pay CMHC fees on the difference between the new and current mortgage being PORTED.