Homeowners that still have mortgages may find this one to be the most interesting process of all. To assist you, we suggest contacting your current mortgage company and inform them of what you plan to do. In most cases they may hesistate has this is not a standard method of relocating from one home to another. Usually the bank expects to close the note. It completes the transaction in its entirety. When you swap your home, you may not close the note, and in some cases you may not want to. For example, higher interests rates, less favorable terms, resetting the term of the loan (for most people, resetting a loan means doing another 30 year note, though the principal may be less, the interest over the life of the note would be more - it is very rare to find a mortgage company that will process an odd-term loan, usually they process 30 year or 15 year notes). However, given the houseing climate the way it is, some mortgage companies are changing and are willing to be flexible. Some will waive the assumption and subject to loan terms as described on your rider. In the event your mortgage company is not willing to work with you (which we highly doubt), we have included some mortgage companies that would be glad to close your previous mortgage, settle any equitable differences and reissue new mortgages (nonetheless check around for the best rates):
If you represent a Mortgage Company or a Financial Lending Institution
and you would like more business, let us know, we can list your
business here, just contact us at promo@myhouse4trade.com to ensure we get you listed here.
Jessica Sanville
Loan Officer
SB Mortgage Group, Inc.
(860) 827 9300 EXT 110
(860) 827 9333 FAX
(860) 978 4752 CELL
Jessica.Sanville@sbmort.com
