ON Canada - if you want to reduce or increase it, you may do an early renewal and ask your mortgage professional to follow your requested amortization period. If you decrease the years, you monthly payment goes up but you will be paying your mortgage faster. If you increase the number of years, your payments will be smaller, higher interest paid during the duration of the loan and it will take you a longer period to pay it off. However, long amortixation withy pre-payment makes the the mortgage shorter.

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.