What is the process of purchasing a mortgaged house in Metro Manila?

josiedelrose

I have a house and Lot in Marikina, and I still have a loan balance left. Hypothetically, I have a buyer and she will be getting a loan from the same bank where I mortgage my house. What is the process for this transaction?

janviktor27

Hi Josiedelrose, selling your property and transferring the mortgage involves a few key steps:

Agree on the sale terms with the buyer.
The buyer applies for a loan from your bank.
The bank assesses and approves the loan.
The mortgage is transferred to the buyer's name.
Finalize the sale at a closing meeting.

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