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.
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Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
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