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Porting a mortgage over

hi my boyfriend and I are looking at buying a house. only problem is that he owns a house already its listed for 249000 and it he owes 233000 but it is a free down mortgage so between penilties and realtor fees he's barely breaking even. we talked to a bank about porting his mortgage over to a new one to avoid penilties. I guess the questain here is if we port would we have to pay a down payment on the whole amount or would it just be the owing between the new house and old one. also can a bank charge those penilties if we port? by lil_k3_803_298 from Beverly Hills, California. Feb 1st 2012 Reply


Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

You would take your existing amount, rate, and tie-in period over to the new property with you. Any additional borrowing will be at a new rate as determined by the lender at the time.Hope that helps.

Feb 1st 2012
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Crestico Funding (CresticoFunding)
#312 ranked lender in California - 337 contributions

Hello,I don't think you can port a mortgage from one house to another, someone else may assume the responsibility of your loan if your current lender accept it but that is up to the terms of your contract.

Feb 1st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Hey LIL... there's a lot of information missing... best advice I can give you is to contact a local mortgage broker, not a bank and let him look at the complete picture... he should be able to guide you to the right loan product... WilliamAcres.com

Feb 1st 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

I am with you lbennett, I have never heard of the term port in the mortgage business either?

Feb 1st 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

The concept of "Porting" a loan from one property to another, or substituting collateral has been attempted by at least one credit union, that I am aware of, but that was over 10 years. If his loan is either a government insured/guaranteed loan like FHA or VA, or if the loan is a conforming Fannie or Freddie loan, it is unlikely the loan includes this feature. The loan documents will tell you for sure. If the documents do include such a provision then more than likely only the current bank will be able to assist you in determining what the requirements are. Otherwise, you are looking at obtaining a new loan for the new property. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 1st 2012
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Wayne Barnes (wbarnes)
#4 ranked lender in Oklahoma - 12 contributions

Have you got a buyer yet for the $249,000 house? Does this price make it a short sale? Have you considered allowing a buyer to assume the loan through a land trust? (More info on that at http://fencetalk.com/) There is a company in CA which specializes in this form of transaction.Wayne BarnesBroker AssociateColdwell Banker SelectTulsa, OK www.come2ok.com

Feb 1st 2012
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