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jnetthemusical · Oct 30, 2008, 09:24 AM

I live in Alberta, Canada. Ineed to move within provence but do not wish to get into shopping for a new mortgage for the next house. Can I transfer my current mortgage to another property?:confused:

rockinmommy · Oct 30, 2008, 09:35 AM

Not that I know of.

If you are in good standing with your mortgage company they may be very likely to give you a new mortgage on your new home with a minimum amount of hassle.

Once you sell your current home the proceeds from the sale pay off - therefore terminitaing - your mortgage.

Fr_Chuck · Oct 30, 2008, 12:42 PM

No, first how, if you take the mortgage off the first house, you still owe the money on it, are you going to pay that mortgage off ?

But that is basically it, either by using your own money or by selling it, you pay that mortgage off, when you do that, most likely the same mortgage company will give you a new loan on the new property

saramac · Feb 9, 2010, 01:53 PM

I believe you can. I just had a friend move from Saskatoon to Slave Lake and this is what she did. (Not just in this instance, but her previous sale as well.) I believe there are conditions, of course, such as your current house has to be sold for the transfer to occur, a no brainer there. I'm sure all mortgage companies have their own standards and regulations, but the company me friend went through required 10% of the cost of the new home up front before the transfer could happen, which can be tough to come up with when paying for a house already! Talk to your mortgage company, that's what they're getting paid the mega bucks for!

saramac · Feb 9, 2010, 01:53 PM

I believe you can. I just had a friend move from Saskatoon to Slave Lake and this is what she did. (Not just in this instance, but her previous sale as well.) I believe there are conditions, of course, such as your current house has to be sold for the transfer to occur, a no brainer there. I'm sure all mortgage companies have their own standards and regulations, but the company me friend went through required 10% of the cost of the new home up front before the transfer could happen, which can be tough to come up with when paying for a house already! Talk to your mortgage company, that's what they're getting paid the mega bucks for!