Locate your existing mortgage loan note. Consumers are given a copy of this document upon completing a mortgage loan transaction. You can also request a duplicate copy directly from your lender.
Analyze your note and locate where it disclose the transferability of the mortgage. This feature will be described in detail as loan security and is located within the note.
Contact the lender and request to have the mortgage transferred to another property. Provide the lender with the transaction details, including the purchase price, and the appraisal. The lien holder (lender) may require the new security (property) be equal or greater in value and may request another appraisal to be performed.
Submit the supporting documentation along with the applicable fees for the mortgage transfer. The exact fees associated with this feature are set by the existing lender and may range from $350 to $800.