You don't always have to repeat the process. If you move to a new home so could your mortgage and you could feasibly retain the same interest rate without incurring prepayment fines, and usually won’t have to pay penalties for breaking your mortgage contract.

If you don't care to go through the approval process again, this may be an option to consider, but remember not all mortgages allow for porting. It is advantageous if your current loan has a lower interest than anything you could arrange with your new property. Keep in mind this remains mostly recommended for homeowners who frequently relocate for work.