Portable mortgages let homeowners transfer an existing low-rate loan to a newly purchased property.
When upgrading to a pricier home, borrowers must cover cost differences with cash or higher-rate loans.
The U.S. lacks portable mortgages due to long loan terms and reliance on mortgage-backed securities.
Portability works abroad because shorter mortgage terms reduce risk of decades-long interest-rate commitments.
While helpful for current owners, portable mortgages may raise home prices and offer minimal benefit to newcomers.
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