Property Mortgage Portability

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<h1>Property Mortgage Portability</h1><strong> Author: <a href='http://www.articleseen.com/profile_sonia.aspx'>sonia</a></strong><br /><p>Before getting your property mortgage, learn about the mortgage solutions that would be available to you in the long term, if your situation changes, and especially if you decide to sell your home in the future. If this is the case, the options below will prove very useful: <b>Transportability of the mortgage</b> This option allows you to transfer the terms and conditions of your mortgage to your new home, subject to the review of your credit report and appraisal of the house when you decide on buying a new home. You may also be eligible for additional funds on your property mortgage if you need a higher amount. Based on current interest rates and your combined rates with the additional funds, your monthly payments may be changed to less than if you opt for a new mortgage. If you "carry" your mortgage to the same mortgage provider, you automatically avoid any prepayment charges on account of early termination of your mortgage. • The option of portability has no fees. You must pay legal fees for the registration of the mortgage on your new property. • The option of portability of the mortgage may not be combined with the option to support the mortgage. <b>Support Mortgage</b> You can use this option to offer your mortgage to a prospective property buyer, who may then take your property if they qualify for a mortgage with the mortgage lender. Allowing the buyer to assume your mortgage, especially if the rate is great over the long term, is a good tactic in a property buyer's market and when mortgage rates are rising When there are more properties for sale than potential buyers, an attractive mortgage rate can help make your home much more attractive and to expedite the sale. And if rates rise, your mortgage rate advantage allows the buyer to receive automatic monthly savings until the end of the term of the mortgage. The assumption of the mortgage is a solution in the following cases: • If the buyer assumes your mortgage, you may be discharged from all liability in this regard. • If your buyer supports a portion of your mortgage only, you may have to pay fees on early repayment of the balance not covered. • If the buyer needs a different amount of your mortgage balance, the following occurs: o If the property buyer needs a higher amount, he may request additional funds in addition to the existing mortgage. o If he needs less money than the balance of your mortgage, the required amount is transferred to the buyer and you pay the difference. The unpaid care may be subject to early redemption fees. For example: Your current mortgage $ 80 000 Serving supported by your buyer $ 60 000 You must repay $ 20 000 </p><strong>About the Author:</strong><br />For further help and assistance on residential or <a rel="nofollow" href="http://www.buytoletmortgage.org/">commercial mortgage</a> choices, you can goto <a rel="nofollow" href="http://www.buytoletmortgage.org/">buy to let mortgage</a> site to find options for <a rel="nofollow" href="http://www.investmentpropertysales.co.uk/">UK investment property</a> financing<p> Article Source: <a href='http://www.articleseen.com/Article_Property-Mortgage-Portability_14806.aspx'> http://www.articleseen.com/Article_Property Mortgage Portability_14806.aspx</a></p>

Article Source : http://www.articleseen.com/Article_Property Mortgage Portability_14806.aspx

Keywords : mortgages, commercial mortgage, buy to let mortgage, mortgage, property, real estate, property investment,

Category : Finance : Mortgage