can I transfer an existing home equity loan, attached to my current residence to a new residence?
The mortgage debt is secured by a lien (mortgage) on your current home. That mortgage has to be paid off and released in order for you to sell the house with a clean title. The debt itself may be transferable to a new home with a little creative financing. You’d need a “bridge loan” to pay off the existing mortgage and a new mortgage on the new house that included enough to pay off the bridge loan. That is possible but you’ll need to find a lender who is willing to tailor a financing package for the sale and buy. It’s not a standard product. Your best bet would be to contact local mortgage lenders to see if they would be willing to put a package like that together. It’s doable but nonstandard and lenders who deal only in plain vanilla generic loans probably won’t touch it but local banks might.
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