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re: Portable Mortgages? Charles Payne said it's time
Posted on 8/16/24 at 3:15 pm to FizzyPop
Posted on 8/16/24 at 3:15 pm to FizzyPop
Is this how it would work?
If I sell a $500k house with $100k left on the note, part of the proceeds go to pay that off.
How do you transfer a mortgage to a new property?
If I’m buying a $750k property do I get to the full $500k from my sale, borrow $250k at current rate but then continue paying off the $100k at the lower rate rather than being forced to pay it off? Does the old mortgage then become a second in the new house?
I guess that’s better than having to borrow the full $350k at prevailing rate and restart amortization.
If I sell a $500k house with $100k left on the note, part of the proceeds go to pay that off.
How do you transfer a mortgage to a new property?
If I’m buying a $750k property do I get to the full $500k from my sale, borrow $250k at current rate but then continue paying off the $100k at the lower rate rather than being forced to pay it off? Does the old mortgage then become a second in the new house?
I guess that’s better than having to borrow the full $350k at prevailing rate and restart amortization.
This post was edited on 8/16/24 at 3:17 pm
0
Posted on 8/16/24 at 4:01 pm to TigerAttorney
Truth
Posted on 8/16/24 at 4:19 pm to FizzyPop
If you assume the mortgage then you will have to pay the homeowner equity in cash.
Good luck with that!
Good luck with that!
Posted on 8/16/24 at 4:20 pm to FizzyPop
Eh. The housing market kinda needs a correction
Posted on 8/16/24 at 4:35 pm to FizzyPop
quote:
Charles Payne is interviewing a CEO of a mortgage lender and they're saying the future of mortgages is to make them portable. I caught the end of the discussion but am curious what this means. Is Charles saying that if you have 3% with say 25 years left on your current home, you can sell it and move that 3% to your new home even if current rates are at 7?
Banks can do this if they want to. Nothing is stopping them. I hope they do
Posted on 8/16/24 at 4:43 pm to faraway
quote:
faraway
charles payne is human shite. has taken a lot of money to push stuff he knows is crap. settled lawsuits so no debatable.
I wrote him off when he added himself to the BS racism claims against Fox a couple of years ago. Just another pos plantation dwelling black man it turns out.
Posted on 8/16/24 at 4:47 pm to scottydoesntknow
quote:
Banks can do this if they want to. Nothing is stopping them. I hope they do
Yep. If they do this I would expect the rate to be at least 2% more than a non portable 30 year mortgage. A portable mortgage would essentially be a fixed line of credit with a fixed rate.
Posted on 8/18/24 at 9:49 pm to GRTiger
quote:
Thanks. I kept reading more. Is this a correct way to think of it?
Mortgage balance: 250k (3%)
Home sale price: 500k
Home purchase price: 750k (250k down)
Mortgage balance: 500k (3%)
Or would the bottom line be:
Mortgage balance:
250k (3%)
250k (7%)
I would assume the latter. Why would they want to loan you more money at a lower interest rate than what today’s rates would be?
If you weren’t selling and just wanted to take out a 2nd mortgage against some of that $250k in equity, the lender doing the 2nd mortgage isn’t going to give you a 3% rate just because thats the rate on your 1st mortgage. You’ll have a 3% rate on your primary mortgage and 7% on the 2nd mortgage
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