Will a bank transfer the existing mortgage to a new house if you agree to keep them as mortgage holder.?

Asked by hanson0807, Aurora, CO Wed Nov 7, 2012

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Robert McGui…, Agent, Denver, CO
Wed Nov 7, 2012
Hanson0807,

It sounds like you are speaking of assuming the loan. There are certain loans under certain conditions where you can assume the loan and interest rate of the existing mortgage. If you are able to do so you will have to qualify for the loan just as if you were getting a new loan. Depending on how long the existing mortgage has been in existence it could be a higher interest loan than what you could get on your own. A good lender could explain this when you go in for pre-qualification. Let me know if you need help with a home purchase.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
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Pat Cusa, Agent, Apollo Beach, FL
Wed Nov 7, 2012
Usually not. Most lenders will make you get a new loan for the property.
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Michael Cheng, Agent, San Jose, CA
Wed Nov 7, 2012
If you have a conventional mortgage, most likely not. But, you can always check the terms of your note.
Web Reference:  http://www.archershomes.com
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