4 ms·
because the existing mortgage was transferable I've never heard of transferable mortgages! I'm guessing they've been phased out due to changing regulations?
by exhilaration 4y ago
because the existing mortgage was transferable
I've never heard of transferable mortgages! I'm guessing they've been phased out due to changing regulations?
- dwater 4y agoThey mostly phased out in the 80's because banks wanted to make more money from fees and rising interest rates. The main reason a buyer would choose to assume a mortgage is because rates have risen, which means the bank would get more money if the buyer got a new loan instead.
- awinder 4y agoCurrent FHA mortgages are assumable