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Sep 28, 2017 - 34 minute read

Can i transfer mortgage loan to another person

For instance, a lender might require borrowers to have three months worth of payments in the bank at closing. This is above and beyond the amount required for the down payment and closing costs, by the way. Its extra money kept in reserve to cover the monthly payments hence the term. Why do some lenders have cash-reserve requirements. In a word, risk. When borrowers have additional money saved up, they are less likely to miss their mortgage payments at least the first few payments.

They are mostly concerned about your payment ability in the short term, versus the long term. Heres why… Your lender may not keep your loan on its books for very long. They might sell it into the secondary market through Freddie Mac andor Fannie Mae (the government sponsored enterprises, or GSEs, that buy and sell bundled loans). Youve probably heard about mortgage-backed securities, or MBS.

Can i transfer mortgage loan to another person

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In most cases, YES.

Can i transfer mortgage loan to another person

Late Payments Hurt Your Credit Score. Please be aware that missing a payment or making a late payment can negatively impact your credit score.

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