Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So there might be a chance that in the near future of buying my parent's house from my brother.
Would it be possible to take the loan that we're paying now and apply it to that property?
Well, why would a mortgage issuer want to carry over a lower interest loan when originating a new one would yield a higher interest rate?
Furthermore, there will be an entire different collateral.
And are you expecting to sell your current property, or pay it off, or what? If you sell it, then the proceeds from the sale will pay off the outstanding loan and there won't BE an existing "loan that we're paying now". If you pay it off with cash, there won't BE an existing "loan that we're paying now". If you were able to find that unicorn mortgage lender who wanted to carry over a lower interest rate loan when originating a new one would be higher interest - then if you're not going to sell your existing house, nor pay it off with cash, then you'll have to originate a new loan for your existing house, which will have the higher interest rate as current.
So there might be a chance that in the near future of buying my parent's house from my brother.
Would it be possible to take the loan that we're paying now and apply it to that property?
So there might be a chance that in the near future of buying my parent's house from my brother.
Would it be possible to take the loan that we're paying now and apply it to that property?
Not likely. The property that you currently have the loan on is the security for that loan. You can't just switch which property secures the loan without the permission of the bank/entity that holds the loan. If the loan is at a relatively low interest rate, then it's VERY unlikely that the lender would agree to a switch.
But we are now seeing some mortgage transfers of mortgages with good rates to new buyers for the property... something I think was pretty rare in the past.
But we are now seeing some mortgage transfers of mortgages with good rates to new buyers for the property... something I think was pretty rare in the past.
It sounds like you are referring to a loan assumption. As I'm certain that you know, this is not the same as "porting a mortgage" which is what the OP is asking about.
So there might be a chance that in the near future of buying my parent's house from my brother.
Would it be possible to take the loan that we're paying now and apply it to that property?
So there might be a chance that in the near future of buying my parent's house from my brother.
Would it be possible to take the loan that we're paying now and apply it to that property?
Nope.
Ha! Just saw the response above me after I posted this.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
