This is known as a or assumption . In this scenario, the new owner takes on your original interest rate, monthly payments, and remaining balance.
: Most conventional loans have a "due-on-sale" clause , meaning the full balance must be paid if you sell or transfer the home. buy my mortgage
Can You Transfer Your Mortgage to Another Person? - Experian This is known as a or assumption
: Government-backed loans like FHA , VA , and USDA are typically assumable. For example, a buyer might assume a 3% interest rate from an older loan rather than taking out a new one at current market rates. Can You Transfer Your Mortgage to Another Person
When you hear "buy my mortgage," you're usually looking at one of two very different financial strategies: , where a buyer takes over your existing loan, or selling a mortgage note , which applies to private lenders who want a lump sum. Can Someone Else Take Over My Mortgage?
: Lenders may allow transfers even with a due-on-sale clause for specific life events like death , divorce , or moving the home into a living trust . Selling a Mortgage Note for Cash