According to multiple sources - Porting a mortgage is a real thing, just not in the U.S. — yet
Porting a mortgage allows you to keep your existing loan terms and interest rate when you buy another house, rather than getting a new loan that may have a higher interest rate. Portable mortgages are available in Canada and the United Kingdom, but not in the U.S.
Canadian and UK borrowers typically have fixed-rate loans with terms lasting only two to five years. That's vastly different from the 15- and 30-year terms in the U.S. At the end of those short-term loans, homeowners in Canada and the UK can either pay off their mortgages in full or renew them and negotiate new terms.
The shorter loan terms in Canada and the UK lend themselves to portability because borrowers can't lock in an interest rate for decades.
Why aren't portable mortgages available in the U.S.?
The structure of the U.S. housing industry requires that a loan be paid off when a property is sold. That's because lending in America is primarily funded by mortgage-backed securities (MBS). MBS are bundled loans, with each mortgage tied to an individual property.
That generally disallows the concept of moving a mortgage from one property to another.
Learn about when mortgage rates could go down in the U.S. full article yahoo
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