No. There are assumable mortgages, but those seem to bring about headaches to deal with and probably not common at all. Wouldn’t be for the entire value of the house, only some fraction especially if the house had appreciated in value a lot and most stuff has gone up in price since 2021 when rates were low.
SaveTheAles on
So does everyone. It’s not really a thing, it’s called the golden handcuffs for a reason.
GSV_SenseAmidMadness on
Not in the US, though there’s been some talk about it.
Jenikovista on
No, you cannot port your rate. Just sell and take the equity to limit the size of the mortgage you will be taking out (too many people reset themselves to 20% down and 30 years, which is a mistake). Consider a 15 year mortgage to dramatically reduce both your rate and your TCO.
LoanSlinger on
Anymore? It was never a thing in the United States. And really can’t be. Way too many logistical issues, risk issues, compliance issues, and it would crush the banking/real estate industry which, whether you like it or not, is the backbone of our economy.
5 Comments
No. There are assumable mortgages, but those seem to bring about headaches to deal with and probably not common at all. Wouldn’t be for the entire value of the house, only some fraction especially if the house had appreciated in value a lot and most stuff has gone up in price since 2021 when rates were low.
So does everyone. It’s not really a thing, it’s called the golden handcuffs for a reason.
Not in the US, though there’s been some talk about it.
No, you cannot port your rate. Just sell and take the equity to limit the size of the mortgage you will be taking out (too many people reset themselves to 20% down and 30 years, which is a mistake). Consider a 15 year mortgage to dramatically reduce both your rate and your TCO.
Anymore? It was never a thing in the United States. And really can’t be. Way too many logistical issues, risk issues, compliance issues, and it would crush the banking/real estate industry which, whether you like it or not, is the backbone of our economy.