Now for Donny's next trick, portable mortgages. [View all]

Trump administration is 'evaluating' portable mortgages. What that means for homeowners.

What is a portable mortgage? It's when you sell your house and buy a new place, but you keep your old home loan. If you’ve locked in a low mortgage rate and want to move, imagine the low-rate mortgage moving with you. The big question about portable mortgages is: Are they too good to be true?

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.

https://finance.yahoo.com/personal-finance/mortgages/article/trump-administration-is-evaluating-portable-mortgages-what-that-means-for-homeowners-203106187.html

So, it sounds like you'd need a variable rate mortgage. Are they still a thing? I remember some horror stories about them years ago.