Transferring a mortgage to another property is generally known as a mortgage assumption. This process allows a borrower to take their existing mortgage and apply it to a new property. However, whether this is possible depends significantly on the specific terms of the mortgage agreement with EMC Mortgage. Many mortgage agreements include clauses that restrict or dictate the conditions under which the mortgage can be assumed by a new property or borrower.
In most cases, the lender must approve any transfer, and this may involve a thorough review of the borrower’s financial situation and the new property. Additionally, borrowers should consider potential fees or changes in terms that may occur with such a transfer.
For more precise information regarding this matter, it is advisable to review the specific mortgage agreement or check the current web page of EMC Mortgage for further details.
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