What happens if you transfer your mortgage to another property

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Bernie

How does a mortgage work if i sell my house does the mortgage transfer or do i have to start again

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	Anonymous
	"Pay a penalty to close out the mortgage or can i put a mortgage..." I have a mortgage and sell my home. I plan on buying another home but I haven`t found one in time. do I have to pay a penalty to close out the mortgage or can I put a mortgage on hold? This answer closely relates to: Transfering mortgage to a new property q transferring mortgage to a new property When can i sell my home and transfer my mortgage to another property? If mortgage is close fixed but you sell the property? Buying a house transferring a mortgage Is there a penalty for buying a new home in the middle of a closed mortgage? Will i have to pay a penalty on my mortgage if selling my house and not buying a new one? Buying new home what happens with mortgage What all can i add into my mortgage when buying a home canada? How much mortgage can i afford buying a 500,000 plus home? Comment Reply Report 0 0

Q. Can i transfer my mortgate to another property or do i have to pay up the mortgage and start again?

I am buying my sons property so would like to just transfer mortgage over, not pay it up and start again, does anyone know if this is possible?

"Enough available and pay for your son's property outright..."

You cannot transfer a mortgage. The mortgage document itself is tied to a specific piece of property which is recorded. You could however, obtain an equity loan on your current property if there is enough available and pay for your son's property outright . Then you would own his land free and clear and keep your original mortgage, which possibly has a lower interest rate. Or if your rate is high, it might be better to refinance with a lower rate. Call a bank and ask to speak to a mortgage officer. I'm sure someone can give you some good advice. I work for a bank as a mortgage officer and help people figure things out like this all the time. :)

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Q. Can you transfer a mortgage to a new property?

I really want to move house but because i am unemployed due to back problems is there any way i can move my current mortgage to new property, hope this makes sense xx

"The mortgage contract is tied to a specific pice of property...."

No, the mortgage contract is tied to a specific pice of property.

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Q. Can i transfer a mortgage loan to another property?

I already have a wells fargo loan for $100k in california, and i want to buy another property in colorado for around $100k, can i transfer my wells fargo loan from one property to another, and sell the california property?

"Pay off that mortgage and get a seperate one for the house in co...."

No. You sell the property, pay off that mortgage and get a seperate one for the house in CO.

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Q. How can my partner transfer his house into my name solely when the property has a mortgage in both our names?

How can my partner transfer his house into my name solely when the property has a mortgage in both our names? our current mortgage is with halifax and we have a relitively small amount left to pay. also will i have to show income? uk answers only please!!! thank you

"You will have to go to a lawyer and have documents signed by both..."

You will have to go to a lawyer and have documents signed by both parties for this to take place. End of. Good Luck

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- What to have signed by a lawyer when refinancing my mortgage?
- How to transfer mortgage to another person do i need a lawyer?

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Q. Transferring a mortgage / property to a friend?

I am moving abroad but my partner is staying in the uk and will live in our property (in my name). is there any way we can transfer the property and the mortage into her name?

"Your friend needs to be qualified too...."

ONLY the bank can do that. Keep this in mind; the lender "qualified" you. YOUR friend needs to be qualified too.

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