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Can I keep my existing mortgage and use it on a new home?
Ready to upgrade to a bigger home but I bought my current one in 2021 and have an amazing rate. So i'm 5 years into a 30 year mortgage. Can I just transfer this mortgage to my next home? I don't want to lose the rate but I also need a bigger house. We bought this one in the panic of the pandemic.
Asked By Evan W | Milwaukee, WI | 20 views | Home Loans | Updated 1 day ago
Answers (4)
Will LaValle
RE/MAX 200 Realty
That’s a great question, and honestly one I’m hearing all the time right now.
Unfortunately, in most cases you can’t take that mortgage with you. That rate is tied to the property itself, not something you can transfer to your next home. There are a few exceptions with certain loan types, but that’s usually for a buyer taking over your loan—not you moving it.
That said, people are still making moves. A lot of it comes down to how the numbers look with your equity and what your next payment would be. Some people keep the current home and rent it out, others use their equity to bring the payment down, and some just decide the move makes sense for their situation regardless of the rate.
The biggest thing is not guessing—just run the numbers and see what it actually looks like for you. That usually makes the decision a lot clearer.
Unfortunately, in most cases you can’t take that mortgage with you. That rate is tied to the property itself, not something you can transfer to your next home. There are a few exceptions with certain loan types, but that’s usually for a buyer taking over your loan—not you moving it.
That said, people are still making moves. A lot of it comes down to how the numbers look with your equity and what your next payment would be. Some people keep the current home and rent it out, others use their equity to bring the payment down, and some just decide the move makes sense for their situation regardless of the rate.
The biggest thing is not guessing—just run the numbers and see what it actually looks like for you. That usually makes the decision a lot clearer.
- 1 day ago
Helpful (1)
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Timothy Riordan
Keller Williams Realty WNY
The short answer is no. Most mortgages are "non-assumable," meaning they are tied to the specific house, not you. When you sell the home, that 2021 rate disappears. Many homeowners in your shoes are keeping the 2021 house as a rental if possible. Holding that 3% rate as a landlord is often the best way to build long-term wealth. If your low payment allows for positive cash flow, you can use that income to help offset the higher rate on your next move-up home.
- 1 day ago
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Kenneth Clark
KNC Properties
Evan, this is one of the most common questions homeowners are asking right now, especially anyone who bought in 2020 or 2021 when rates were historically low. I completely understand the hesitation to give up that rate.
The honest answer is usually no, you cannot transfer your existing mortgage to a new home
If you have a great rate from 2021, the first question I would ask is:
Could the current home become a great rental property?
Many of those homes actually turn into excellent long-term investments because the payment is so low relative to today’s rents.
Sometimes the best move is:
Keep the low-rate property
Let tenants pay it down
Buy your next home separately
That is how a lot of first-time buyers accidentally become real estate investors.
The honest answer is usually no, you cannot transfer your existing mortgage to a new home
If you have a great rate from 2021, the first question I would ask is:
Could the current home become a great rental property?
Many of those homes actually turn into excellent long-term investments because the payment is so low relative to today’s rents.
Sometimes the best move is:
Keep the low-rate property
Let tenants pay it down
Buy your next home separately
That is how a lot of first-time buyers accidentally become real estate investors.
- 1 day ago
- Helpful (0)
- Unhelpful (0)
Daniel Kallas
Keller Williams Milwaukee Southwest
At this point in order to move you would need to sell the home you have and get a new loan on the house. is your current loan transferable to a new buyer?
- 1 day ago
- Helpful (0)
- Unhelpful (0)
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