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Real Estate S
Eileen M. Day REALTOR
'PORTABLE*
HONE MORTGAGE
In an effort to Keep mortgage customers, some lenders are experimenting with a 'portable* mortgage. Imagine a home loan that can be moved from house to house like furniture, or a loan approval that can be transferred from one mortgage to the next, speeding the closing process for buyers and sellers alike.
Once a credit underwriting analysis Is performed for the Initial loan, the borrower can obtain future loans without going through all the paperwork again. They simply update the Information. An appraisal would still be required on each subsequent property the borrower wants to purchase. This amounts to the lender saying: 'We approved you once, your loan has performed well, so you wont have to suffer through another origination process.'
Spokesmen for rannle liaye and rreddle Mac say they still have no plans to buy portable mortgages but would be willing to consider doing so If the loan generates widespread consumer Interest.
If there Is anything we can do to help you In the field of real estate please stop In at EILEEN M. DAY, Realtor, the Clopton House. Washington, Va. 22747. Phone 673-3033. We re here to help. _
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