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What Happens To Your Home Loan If You Move? Even though you've been to a great deal of trouble to choose a home you like, it sometimes happens that you have to leave it and move elsewhere. This could be due to work commitments, health, schooling or any number of reasons. But if you haven't paid off your house, what happens to the loan?
Many mortgages these days are portable. That means that they can be taken with you when you go. The limit is that you may have to then buy a house that is the same value as the one you are leaving - or less, so that the terms of the loan can stay the same. So if real estate prices have risen much you might find yourself
in a home that is not quite as good as your old one was.
Having a portable home loan will save you money because you won't have to pay all the fees and costs of getting a new loan. If you don't have a portable mortgage, you may be able to refinance your loan, or pay the old one out when you sell. You need to do the math to be sure you'll get enough from the sale to cover it.
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