How to Transfer a Mortgage to Another Property

Finance your new home with your old mortgage.

Most mortgages are secured by real estate property. Transferring an existing mortgage to another property is a good option to have. This option is known as a mortgage loan "portability" feature and is made part of the loan agreement. Many mortgage loan agreements include this feature, but most consumers don't realize they have it. This feature has many benefits, including not having to pay the enormous costs and fees associated with originating a new loan.

Step 1

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.

Step 2

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.

Step 3

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.

Step 4

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.

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