Trading in and up with existing loan balance

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darwinsti
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Joined: Tue Apr 30, 2019 12:57 pm

Trading in and up with existing loan balance

Post by darwinsti » Tue Apr 30, 2019 1:06 pm

I am looking to trade in my existing double wide, and upgrade to a new one. Has anyone done this before? I assume that the mortgage holder assuming the new loan, would have to approve the amount including the payoff on the existing mortgage? I've heard that this is possible, and the home value alone exceeds the payoff by about 25,000.
Thanks in advance for any input.

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