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No, it is not possible to transfer a mortgage. It is specific to a piece of property. But most lenders will work with you to create a new one for the new property with the resolution of the previous one.
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How do you re mortgage a house?
You can re-mortgage a house with your local bank or at another financial institution. You must go in to the bank and apply for a re-mortgage at any local branch.
Do you have to get insurance if you pay cash for a house?
No. If there are no mortgage requirements that you carry insurance then it is completely up to the home owner.
Are there any loan companies that will give you a loan for another house if you have not been paying the mortgage on your current house?
No.
What is the purpose of a home improvement mortgage loan?
The purpose of a home improvement mortgage loan is to borrow money against the value of a house in order to carry out improvement work. Typically, this would be intended to increase the value of the house.
Can one transfer a mortgage from one house to another?
The lender is not going to allow that. They may allow you to replace one mortage with another. But the mortgage is tied to a specific piece of real estate.
In the state of Maryland both parents died there is no will are the surving children responsible for mortgage on the house?
No, the estate is responsible for the mortgage. This sounds like a case for getting the estate set up and get the house sold as quickly as possible.
What is the best way to remortgage your house?
The best way to remortgage your house is to pay back the first mortgage as soon as possible. If this isn't possible, then do your best to take out a loan to pay off the rest.
Can someone with a mortgage get another mortgage to buy a second house?
If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
Is it possible to still get a reverse mortgage loan with bad credit?
You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.
Can I refinance my mortgage if I have low equity in my house?
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
