Can I transfer my mortgage to another property?

Transferring a mortgage to another property, also known as mortgage portability, largely depends on the terms of the specific mortgage agreement and the policies of the lender, in this case, Central Mortgage Company. Many mortgage agreements do not allow for portability, meaning that if you wish to relocate and purchase a new property, you would need to pay off the existing mortgage and obtain a new one for the new property. However, if the mortgage is portable, the borrower may be able to transfer the existing mortgage to the new property, but certain conditions must be met, such as creditworthiness and the new property meeting the lender's requirements. It is important for borrowers to closely review their mortgage agreement for any portability clauses and discuss options with a qualified professional. For more information on mortgage policies and any specific questions, it may be helpful to visit Central Mortgage Company’s website for current contact information to explore your particular situation further.