Can I transfer an existing home equity loan, attached to my current residence to a new residence?
Tags:2nd mortgages, home equity loan, lenders, mortgage,
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I took the home equity loan out the whilst ago as well as in this market, my equity has forsaken considerably.
If we were to sell my home, we could compensate off my 1st mortgage, though I’d still have the change of about ,000-,000 upon the 2nd mortgage.
Do lenders send 2nd mortgages to the brand new home?
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simple answer: no. especially in this financial climate. you would have to satisfy all liens on the first home when you sold it, which includes the 2nd mortgage. otherwise, the title is not clear and the deal will not go through.
you can’t transfer.
but you could take out a 2nd mortgage or equity loan on the new home, and use that to pay off the first one
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