Can you remortgage a mortgaged property?

As your home is mortgage-free, lenders can’t ‘remortgage’. If you’ve purchased a property outright using cash or have paid off a mortgage already, it shows lenders that you’re financially stable and securing a mortgage should be a smooth process.

Can you assume a mortgage and refinance at the same time?

Refinance the joint mortgage. When one spouse wants to keep the home, the mortgage can (and should) be refinanced in their name only. ‘Assume’ the original mortgage. This can be a great option if your existing mortgage allows for a loan assumption.

What makes a transfer of interest not a mortgage?

(3) The object of transfer of interest in the property must be to secure a loan or performance of a contract which results in monetary obligation. Transfer of property for purposes other than the above will not amount to mortgage. For example, a property transferred to Liquidate prior debt will not constitute a mortgage.

How are rights of ownership transferred in a mortgage?

In a mortgage, there is a transfer of only an ‘interest’ of the immovable property. There is no-transfer of absolute interest or ownership. The owner transfers some of the rights of ownership to the mortgagee and retains the remaining rights with himself. For example, a mortgagor retains the right to redeem the property mortgaged.

What happens when a mortgagor transfers a property?

If the mortgagor transfers this property, the transferee gets it subject to the right of the mortgagee to recover from it what is due to him i.e., the principal plus interest. 2) Specific Immovable Property: The second point is that the property must be specifically mentioned in the mortgage deed.

Can a mortgage be transferred to a family member?

If you can’t get a mortgage transferred, you’ve still got options, depending on your situation. Death, divorce, and family transfers might give you the right to make transfers, even if your lender says otherwise.

Can a mortgage be transferred from one person to another?

Loan transfer from one ex-spouse to another during a divorce or separation (if they continue to live there) These transfers work by either adding a person to the home’s deed, removing a deceased owner from the home’s deed, or having the spouse giving up ownership sign a quitclaim deed.

How can I transfer my assumable mortgage to another person?

Transfer an assumable mortgage by asking your lender to make the change. Refinance the loan in the new owner’s name only. Transfer when the situation does not trigger a loan’s “due on sale” clause.

Can a loan be transferred when the property is sold?

A due on sale clause is a section of a loan agreement saying that the loan must be paid off when the property sells (the loan is “accelerated”). Exceptions to the rule: In some cases, you can still transfer a loan — even with a due on sale clause.

Can you transfer your mortgage to your children?

Not all banks allow mortgage assumption, however Some will require that you simultaneously transfer the property and refinance, with your children as the new co-borrowers and you dropping out of the loan.