If the bank denies your mortgage porting the only other option you have is to cancel your current mortgage and pay 3 month worth of interest payment. You will pay $18,287.66 to break your mortgage (calculated based on Interest Rate Differential as of January 11, 2011). This is a huge penalty and you should not break your mortgage now. You will save on a long term if you cancel and move to a 3.69% interest rate but you will need to pay 18,000 to break the current mortgage.