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Not sure what you are trying to accomplish? If the current property is financed, then are you planning to pay it off? With interest rates so low, new loans are a better deal right now normally anyway.
Love to know more...but as the others have said, a mortgage is attached to a specific property.
There are relatively few "assumable" loans these days in the mortgage world. The only time that a loan is assumable is usually when you are purchasing a property and assuming THEIR loan, not taking your loan to another property. Some VA loans have an assumable feature....again, this is rare!
The mortgage or "Note" stays with the property.
In California, the note is secured by the property.
Perhaps you are thinking of transfering your tax base with your new purchase?
Look up prop 90 and prop 60 if you are.
Harold Sharpe - Broker
So Cal Homes Realty
California Department of Real Estate Broker License # 01312992
The best way to clearly answer this is that a mortgage (or trust deed) is not its own entity. It must be attached to the title of a home as what's known as an "encumbrance." So, when you buy you take title of the home. It's your title. You then "choose" to encumber the title with a lien from the bank --- the mortgage or trust deed. Hence that lien is tied to that title until it is released by pay off or sale. The lien itself can be moved to another title or encumber another property unless the lienholder/lender permits --- which, by far, most will not.
Let me know if you have questions.
Interest rates are extremely low right now and since one cannot "transfer" the amount owned on one property to another there are other creative things that can be done. For example: upon sale and subsequent purchase of a home, transfer your tax base (Prop 60 and or Prop 90), refinance current property and use cash to purchase new property, sell your current place contingent on buying a new place.
If you need up-to-date loan programs, rates or advice call Don Parsons at Jayco Capital 949-428-3099. Best wishes,
There was a product many years ago from E-Trade where you obtained a "Mortgage-for-Life" and you could transfer it from one property to the next and then to another. I do not believe that product is available any longer and even if it were, you would already have to have that mortgage product to transfer it. It was designed for people who sold and purchased every few years. The key factor is that you needed to sell the current property for more than the mortgage amount (no short sales) before you could transfer the mortgage to another property that had value in excess of the transferring mortgage.
You currently owe $400,000 on a house worth $500,000. You sell that house for $525,000
The existing $400,000 mortgage would be transferred to purchase a new property worth no less than $500,000 - basically LTV of 80%.
It was a simple mortgage product. Of course, income was re-verified, debt was reverified, and credit reports were ordered to make sure all was in-line. It cut a few weeks off an typical Underwriter process but did not eliminate it completely.
The short answer is that I've not heard of any programs similar to this one in many years.
What's your situation - how can we help?
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage.
888-391-5245 Direct Cell
You would need to clarity your question further. If you are talking about "assuming a loan," that is possible with condtions. If you want to "transfer" the mortgage to anohter property entirely, that is NOT possible. Let me know if I can assist you further