I can’t quite wrap my head around this so anything will be appreciated.
So if a company ‘buys’ a property for me with the expectation of me paying it back, when I switch mortgage companies, does the new company pay off the debt to the old company? How does it transfer over?
In: 13
Mortgage is transferred by means of a payoff of the principal. So whatever you still owe, the new lender assumes and then you pay the new lender the principal and interest.
Rates are HIGH right now, are you refinancing?
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