An Act to Enable Mortgage Portability and Promote Housing Affordability in the State

This bill allows homeowners in Maine to transfer their current mortgage terms, balance, and interest rate to a new primary residence. To qualify, homeowners must have a mortgage in good standing, meet the lender's criteria, and complete the transfer within six months of selling their old home. Lenders would be required to offer this "mortgage porting" and can charge a fee, while any extra funds needed for the new home would be financed at current market rates, with an option for a blended rate.

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