30 Year Mortgage? What if I move out in five?
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That's how a mortgage works. You can't just transfer it to other people.
30 Year Mortgage? What if I move out in five?The chances of your loan being assumable are about zero. Anyone moving in would be BUYING your home just like you did, which means they will get their own loan and the bank that gives them their loan will pay off your loan, therefore closing your loan, anything left after paying off your loan, real estate agent and closing costs will be given to you at the closing.
30 Year Mortgage? What if I move out in five?When you buy the house you sign a promissory note stating the terms of paying the debt and also give the lender a paper (mortgage) stating that they can seize your property in the event that you do not pay as agreed.
Generally, when you decide to move on; you sell the house to a person who gives you the money to pay off your debt, in which case you pay it off
OR you can rent the house >>> Keep ownership, keep paying the note as agreed using the rental income to do so.
OR do some alternative ... The alternatives are many and are dictated by what you want to accomplish at the time you move out, the economic situation you find yourself and your buyer in, your health, and a myriad of other personal situations and/or preferences.
In summary, MOST of the time when one moves on, one sells the property, pays off the debt, and then creates a new loan when they buy the next property.
30 Year Mortgage? What if I move out in five?When you sell your house you pay off any mortgages you have on that home at closing.
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