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my3rmflat

Is the Mortgage insurance transferable?

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On 12/15/2016 at 12:55 AM, my3rmflat said:

I have a mortgage insurance on this current property.

When I sell and upgrade to another property.

Can I still keep my current mortgage insurance?

'Yes' for private property but not for HPS in case of HDB.

Mortgage insurance premium is determined by many factors, inclusive if tenancy-in-common or joint-tenancy.

The same financial institution will 'revise' the the premium rate, term and conditions...for your new property. So, it is not 'transfer', but 'revise' simply the collateral is of difference value, your health/income/age, etc.....change over time.

 

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