A great mortgage interest rate these days can be so hard to come by, many homeowners don't want to give them up, even when they sell their house. Unfortunately, the truth is that in almost every case, you can't take your mortgage with you when you're selling a house. The loan only lasts until the property changes ownership through a sale, and the original mortgage is paid off. Banks and lending agencies earn money on new loans being taken out or refinancing loans, so allowing you to transfer a mortgage to a new property isn't in their best interest. If you're buying a home, they'd rather you reapply for a mortgage, provide a new down payment and sell you a mortgage at current market rates.

If you've been a good borrower and you're looking to sell house, it can be easier to seek a new mortgage when you buy a house with the same bank you've used previously. They'll have easy access to your records and may be more likely to give you a comparable mortgage rate and plan. Of course, mortgage rates are subject to all kinds of market conditions, so there are no promises. The best advice for those about to sell property and get a new home loan is to shop around and find the best deal--there just aren't any options for keeping your mortgage. 

For more information and advice on how to buy a house or how to sell a house, check out our website.

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Original Post: Can You Sell Your House and Retain a Prior Mortgage? on ForeclosureDeals.com.