Mortgage question.?

Question

If I get a loan in one county, can I move and still use that loan in another county? Or fdo I have to get a loan in the county I'm looking to buy in ???

Answer 1

depends...if you get a mortgage to a property it stays with that property. If you have a home equity line of credit you can use the money for whatever you wish in the legal paramaters

Answer 2

Typically a loan applies to one specific property. If you moved next door to an identical townhouse you'd still have to get a new loan (and payoff the old loan when you sold the old property).

Now if you are saying you have applied for a loan for one property but for some reason that fell through and now you want a loan on different property, then the bank will probably work with you to switch the loan to the new property. THey may not if they don't do business in the new county, or something, but they probably will just restart the loan process for the new place.

There are personal loans which are for you and you can use anywhere but that doesn't sound like what you are talking about (and these are usually for much smaller amounts, unless you are real well off).

Answer 3

You get a mortgage on a particular property, not just open-ended.

If you mean that you've been pre-qualified for a loan and you're looking in an adjacent county where the lending institution that pre-qualified you does business, then the pre-qualification would still be valid.

Even if you've prequalified though, they still have to approve the mortgage on the particular property you want to buy, whether it's in the same county or a different one.

Answer 4

When you choose your bank to do your mortgage business with, they can answer all questions you might have.

Usually when you get a mortgage, they will do a property assessment and/or inspection before giving your the actual loan. If the location of the property is not acceptable, they will definitely let you know.