Can I transfer my mortgage to another property if I move?

Transferring a mortgage to another property is not a straightforward process and depends largely on the specific terms of the mortgage agreement and the policies of the lender, in this case, PHH Mortgage. Many mortgage loans are not assumable, meaning that the borrower cannot transfer the loan to another property without going through the entire process of applying for a new mortgage. However, some loans, particularly certain types of government-backed loans, may allow for the possibility of assumption or transfer under specific conditions. If a borrower is considering moving and wants to keep their existing mortgage, they would need to review their loan agreement to understand the options available. It is also important to evaluate the financial implications, such as interest rates or closing costs associated with a new mortgage if transferring is not allowed. For personalized advice or details regarding specific mortgage terms, borrowers should review the materials provided at the time of their application or visit the current official web page for contact information and further clarification on policies. This will ensure a comprehensive understanding of their options moving forward.