If an existing mortgage is transferred from the current holder (lender or borrower) to another person, the transaction is called transfer of mortgage. This is usually used by homeowners when they are unable to make repayments and want to avoid foreclosure. Most often, the transfer of mortgage usually takes place under the following conditions:

Before applying for a mortgage, you will find that you have a lot of options in the market. Among these options, you will find mortgages in two major categories: 15-year mortgage and 30-year mortgage. You may either be attracted to a 15-year mortgage for its lesser duration and lower interest rate or to a 30-year mortgage for its lower monthly payments.

Financing your dream home requires quite a lot of courage and a big investment. So it is important to cut down as many expenses as possible. While mortgage lenders know how to reduce costs, they’ll obviously never tell you. So here are some secrets or tips to save you a good amount of money while you invest in your future home.

Reverse mortgages are a lifesaver when it comes to property loans. It is one of the few options that are at your disposal after retirement. However, it is not a perfect system of financial arrangement. Let us discuss some cons of a reverse mortgage. You cannot move to a new place Once your reverse mortgage is sanctioned, you are required to stay in the same house for which you have taken the loan.

Retiring with a mortgage does not only add up to your worries but also gives you a sense of guilt. Your working years are the only ones where you can enjoy because it is the only time when you can support yourself financially. So, if you want to start now and live happily after your retirement, here are some ways to retire without a mortgage.

Paying off a mortgage is the biggest relief one can ever get. It is like being reborn and living a new life. A life without any stress or guilt. Since it is difficult to decide which way to go after living a controlled lifestyle for so many years, you need to take professional help from an expert who can tell you exactly what to do.