In the past we would buy a house and live in it for most of our lives, but not anymore.

In today's fast paced North American society, it is very unusual for someone to stay at the same job for more than five years. We change jobs all the time, either by our own choice or because of downsizing or outsourcing. Either way, when we change jobs, it often means we have to move.

There are many considerations when moving, according to Movers North America. You have to change your address at the post office, arrange for transportation of your belongings to your new home, find a new school for your children, and get accustomed to your new surroundings.

Your real estate agent will help you with buying and selling your home, but what happens to your mortgage? Can you take it with you?

The answer depends on your current mortgage.

If you have an open mortgage, it may be as simple as paying off your existing mortgage when you sell your house, and getting a new mortgage for your new house.

This is more difficult if you have a closed mortgage. A closed mortgage means you have locked in the term of your mortgage (say, for example, a five year closed mortgage, meaning your interest rate is locked in for five full years). If you break the mortgage, you will be required to pay a penalty, which may be three months interest, or more, depending on your mortgage.

Many mortgage lenders now offer portable mortgages. A portable mortgage is exactly as it sounds. It's portable, meaning you can take it with you to your new house.

Here's an example. You are selling your house for $200,000 that has on it a $150,000 mortgage. You are moving to a new house worth $250,000. If your mortgage is portable, you now have a $150,000 mortgage on your new house. Selling your first house gives you a $50,000 down payment on your new house (ignoring real estate commissions and other fees), so you will still need another $50,000 to complete the purchase of your new house. You can put the money in yourself, or perhaps the bank will agree to increase your mortgage to cover the difference.

Obviously if you are planning to move in the near future, you need to think about more than just hiring the right movers. You need to consider the type of mortgage you are getting.

If you are planning to move, you should see if your bank offers a portable mortgage, so that when you move you can take the mortgage with you.

Alternatively, consider an open mortgage, so that you can break it at any time, without paying penalties.

Of course before signing any mortgage you should understand all costs. If the interest rate charged on a portable mortgage is considerably higher than on another type of mortgage, it may be better to get a closed mortgage and simply pay the penalties when you move.

Either way, in our society today you will move at some point, so consider your mortgage options wisely to save money in the long run.

Author Information: Written by Doug Hoyes of Movers North America

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