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A comment on She lived in a New York hotel for more than 40 years. But her life was a mystery. Parent comment

Re:She lived in a New York hotel for more than 40 years. But... by toast0 on Wednesday November 15, 2023 @11:11AM (#38278286)
No, mortgage portability is not a thing in the US, at all. Mortgages are tied to the property and the borrowers. I've never heard of a (US) borrower being able to sell their property and keep the loan. Alternatively, it is sometimes possible for a new borrower to assume the previous mortgage, but it's up to lender discretion, and seems unlikely if a current mortgage would be at a dramatically higher rate.

What does seem to happen often is that an owner who wants to move but doesn't want to lose their nice rate will move and then rent our their old place, or at least try to, it can be difficult to qualify for a new mortgage while carrying the old mortgage and not having a history of rent payments.

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Re:She lived in a New York hotel for more than 40 years. But... by anjel on Wednesday November 15, 2023 @03:04PM (#38281678)
Assumable mortgages were a (common) thing until the low interest mortgage Era. But they are (again) a thing and in-fact add premium value to the selling price of a home if your mortgage happens to have the feature along with a low interest rate. VA mortgages are the convenient example for this but there are other types of assumable residential notes as well. https://therealdeal.com/national/2023/06/12/assumable-mortga...
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