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Mortgage  Question?
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Can you transfer mortgage different property before closing?

I was a day away from closing my mortgage when I learned that the title to the house was not clean. I found another house I want to buy. Is possible to transfer my mortgage from the first house to the second house?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

A lender will not technically transfer a mortgage from one property to another but the lender should use your existing mortgage application and approval to make the process go more smoothly. The lender will order new appraisal and title reports for the new property but you should not be required to fill out a new mortgage application or provide an updated credit report (your credit report is typically valid for 60 - 90 days when you apply for a mortgage). The lender is also required to issue new disclosure documents. So in short, you cannot use the same mortgage but the process should be more efficient because you are already approved as a borrower.

One point to highlight is that interest rates may have changed since you initially applied for your mortgage. Because any lender you work with will require an appraisal and title report for the new property you may want to take advantage of this time to shop lenders and confirm that you are getting the best rate on your mortgage. You can use the INTEREST RATES function on FREEandCLEAR to compare rates and fees for lenders in your area.

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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