Mortgage home loan answers
Learn about mortgage home loans and rates.
-
Home loan and moving?
Posted on September 4th, 2009 3 comments
Becky asked:
We currently have a home loan on our house, but we just sold. We just recently got an excellent locked-in rate that we hate to give up but we have to move. We found a house and want to put in an offer today. Thing is, with the previous ARM loans we had, we almost got foreclosed on (we pushed on through and never did) and now our credit is not as great as it once was. In a perfect world, we could just use our same mortgage company and they could just “transfer” our loan from one house to the other. In reality, can this happen? Or can something similar happen? My husband was reading about loans, but the brokers use all these words that make no sense to real people and he doesn’t want to get screwed in the end. Anyone know the best way to go in this situation? Any advice at all is much appreciated! Oh, and a loan on the house we want would be a bit lower than our current loan, if that helps.
CODYRenting & Real Estate Arm Loans, Current, Home Loan, Mortgage Company, Moving, Perfect World, Real People3 responses to “Home loan and moving?”
-
Well there is no way to transfer your current loan since when you sell your home that loan must be paid in full to release the lien. You may want to try getting a new loan with your exsisting mortgage company though since they do know you & know that you worked through the foreclosure & did get current. If your credit has been good for the last 2 years you could try FHA- 30yr. fixed rate. Don’t go for an adjustable again. You can go to – there is a place called “find a lender” where you can enter your zip code & find an FHA approved lender near you. Give them a call & they can pre-qualify you at no charge. Good luck!
-
John Cleveland September 7th, 2009 at 15:16
Unfortunately, you cannot take your loan with you. It was written for a specific property for which you will be transferring ownership at the time of the sale. If you were nearly foreclosed on, your credit probably got dinged. Rates have been inching up. My advice is to go with a 30 yr fixed and don’t let any mortgage brokers talk you into one of those “exotic” loans. If you cannot afford the payments on a 30 yr fixed , then you should find a less expensive home to buy.
-
Jeromy W September 8th, 2009 at 23:51
unfortunately, no, you cannot transfer loans. Once you sell your current residence, your current mortgage will be paid off and discharged. You will have to go through the purchase process all over again once you find a home you want to bid on. FHA is the hot item right now as they only require 3% down on purchases and they are pretty forgiving when it comes to credit scores. Depending on where your moving, you might have some contacts in the area that would be able to assist you with finding a good mortgage professional, if not, let me know the city and I may now some honest, ethical mortgage professionals that will assist you, good luck
-
Beverly S September 7th, 2009 at 07:53