Unless you own your home lock, stock and barrel, you'll have to discharge, or settle, your current mortgage when you sell. Usually, you'll have three options:

• Pay off your mortgage early
• Port your mortgage – that is, take your mortgage to your new home
• Allow the buyer to assume your existing mortgage

Whether you plan to sell your home in a few months or a few years, your financing choice can depend on several factors, including:

• Your outstanding mortgage balance
• The remaining length of your mortgage term
• Your mortgage rate versus current mortgage rates
• Whether your mortgage term is open or closed
• Your plans for financing your next home or paying off the debt

Check with your mortgage lender first!

If you're thinking of selling and your mortgage is up for renewal before then, discuss your intentions with your mortgage lender. There are many mortgage options that you can select today to give you the flexibility you'll need later on.