Home Purchase Mortgage Calculators
Mortgage Program Calculators
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.