Home Moves Made Easier? The Portable Mortgage Idea

The idea of portable mortgages is making waves. It's a concept where homeowners can take their mortgage with them when they move. This means keeping the same interest rate and terms instead of getting a new loan. The goal? To get more people moving in a slow housing market. Right now, many homeowners are stuck. They have low interest rates, around 3%, and don't want to switch to today's higher rates, around 6. 5%. Portable mortgages could change that. But is it a good idea?Experts have doubts. They say the U. S. mortgage system isn't built for this. Mortgages are tied to specific homes. If loans become portable, it could mess up how investments are valued. It might also make mortgages more expensive in the long run. There are other problems too. Handling taxes, titles, and other details would become more complex. Plus, portable mortgages wouldn't help everyone. Only those with low rates would benefit. Renters and homeowners without mortgages would still face today's higher rates. So, while portable mortgages might help some people move, they could cause bigger issues. It's a tricky situation. The housing market needs a boost, but is this the right way?