Question by Kevin: can you transfer your existing mortgage to a new house without having to come up with a down payment on the ne?
i have a house with a mortgage. i want a newer house that’s worth more. can i transfer the outstanding balance refinanced and not have to come up with a down payment?
Answer by LadyCatherine
im really thinking, no.. mortgages go with the house, you can move one to another.. you can pay off one and use the remaining balance to buy another.
Know better? Leave your own answer in the comments!
if it has more equity and is the same price, sure.
just keep in mind why lenders lend
You cannot transfer a mortgage to a new property. You can get a new mortgage on the new property approved with a contingency of selling your existing home and using the equity in it as a down payment.
You ofcourse can avail a fresh mortgage for your new property, but, transferring the mortgage is a bit typical. if you want information in detail you can visit here.
Mortgages are not transferable. But even if they were if the house is worth more than the mortgage you would still have to pay the seller the difference unless they were offering a seller carry back. Nice try though.
You might want to consider going with an FHA loan. You can get into a new home with 3.5% financing or so. You do have to pay upfront and annual mortgage insurance which makes it a bit more expensive that a mortgage with a 20% down payment.