Newsflash: Has anyone ever heard of transferring a mortgage loan to the purchase of a another property?

Hey All,I’m a licensed insurance produce and title examiner in the state of NJ, I come on this sub from time to time to try and answer other people’s questions. Now, I have a question for all of you mortgage buffs out there.When my SO and I purchased our home, we went through a state first time home buying program that helped us get a 30 year fixed conventional loan with the lowest interest rate I have ever seen to date. During all of the madness of securing our loan, our LO had mentioned something to the effect of being able to transfer our loan if we ever decided to move. My question, is anyone familiar with this concept and could you go into a bit of detail? My SO and I are thinking of moving out of state in the next 3-5 years, and I’m not even sure if it would apply to an out of state property but I thought I would ask for some insight before I go digging through all of our loan documents. Our lender is a major institution, I looked up the MIN number and they’re servicing the loan as well. Don’t know if that would be relevant or not but thought I would mention. Thanks!

Read more at https://www.reddit.com/r/RealEstate/comments/6qca61/has_anyone_ever_heard_of_transferring_a_mortgage/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s