Posted on: 11th Jun, 2010 01:23 pm
We own two homes. We live in a stick-built single family. We have a mortgage on that house. We also own a manufactured home on its own lot that we rent out. We own the rental free and clear. We would like to transfer the mortgage from our primary residence to our income property. The total loan amount is about 70% of the rental home's value. We have excellent credit.
Hi scoobysu,
You won't be able to transfer a mortgage from one collateral to another. However, if you wish, you can definitely take out a mortgage using your rental property as a collateral.
You won't be able to transfer a mortgage from one collateral to another. However, if you wish, you can definitely take out a mortgage using your rental property as a collateral.