Moving to your dream home can be both stressful and exciting. It's exciting because it's a dream come true for you. However, it's stressful when you have a current mortgage to deal with. Besides, you can't just relocate to a new place without thinking about how you're going to pay your mortgage. Luckily, there's a variety of options if you've got a mortgage, but you really want to move your property.

Here are a few tips on how you can deal with the current mortgage when relocating to a new home.

1. Turn it into a rental property

If you have a current mortgage to pay, but you'll be moving long-distance, the best thing to handle the situation is to convert your old home into a rental property. You can have it rented by other people and bill them with monthly rental fees to shoulder your mortgage payments, maintenance costs, insurance, and many more. By treating it as a rental property, your current house can be a great source of your mortgage payments.

2. Move your current mortgage over your new home

These days, home mortgages are capable of being ported. It means that you have the option to transfer your current mortgage over your new home. In such a case, you still need to apply for your loan and more likely increase the size of your mortgage if your new home is more expensive than the old one. The process of porting may require you to pay for additional fees, which is why you need to talk to your lender and listen to their advice.

Since porting is something you should pay attention to, working with moving companies can be a wise option. These professionals will handle the entire logistics of your move while you work on transferring your current mortgage to your new house.

3. Find a mortgage for your new home with a new lender

Another option you can do is to remortgage with a different lender. All you need to do is to sell your former home and use your new mortgage to pay off the existing one. This process can be helpful to you, especially if the price of your home in your area has significantly increased since the last time you bought your current home. Above all, if you decide to switch lender, make sure you know the arrangement and valuation fees on your new mortgage.

4. Enter into a short sale

Entering into a short sale arrangement can also be an excellent way to handle your current mortgage even when you move to your new house. It's about negotiating with your lender to get your home sold for a price less than your mortgage. Also, in a short sale, you can sell your home at its current value, and your lender can set off the remaining mortgage balance with the proceeds of the auction. However, it's essential to know that the laws on short sale vary from one state to another. Thus, make sure you contact your lawyer before you decide to enter into a short sale.

5. Keep your current home as a vacation property

You may keep your current house as a vacation property if you can pay two housing payments. This is only true if your home is situated in a famous vocational spot where you can convert it into a vacation home that caters tourists, travelers, and many more. That way, you can collect some short-term rentals which you can use to pay your current mortgage even if you move to a new place.

Final Thoughts

There you have it. These are some tips for dealing with your current mortgage when you move to a new house. Whatever option you choose, it's worth speaking to your existing mortgage provider to have a better idea on how you can address your mortgage payments. And while you're busy working out your mortgage plans, you can hire professional movers to make your entire move hassle-free.