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Transfer of mortgage is a transaction where either the borrower or lender assigns an existing mortgage (a loan to purchase a property?usually a residential one?using the property as collateral) from the current holder to another person or entity.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer. That means you can't be charged a late fee if you send your on-time mortgage payment to the old servicer by mistake ? and your new servicer can't report that payment as late to a credit bureau.
A transfer of mortgage is the reassignment of an existing mortgage, usually on a home, from the current holder to another person or entity. Not all mortgages can be transferred; if they are, the lender has the right to approve the person assuming the loan.
This could result in a small change in the monthly payment amount. A mortgage can be transferred to a new servicing company any number of times during the life of the loan.
How to Transfer a Mortgage Review Your Mortgage Documents. It's a good idea to double-check your loan agreement to see if you're allowed to transfer the mortgage. ... Request a Transfer. Contact your lender to initiate the transfer. ... Consider Extra Help. ... Complete the Transfer.