A new bill that would enable homeowners to transfer their existing mortgage to a new home has been introduced in Congress.
Rep. Tom Kean Jr. (R-NJ) has put forth the Making Ownership Viable for Everyone (MOVE) Act, which would allow homeowners to transfer their existing mortgage rate, term, and balance to a new property. The MOVE Act would also require Fannie Mae and Freddie Mac to begin purchasing portable mortgages.
The subject of portable mortgages was briefly raised last fall by Federal Housing Finance Agency Director Bill Pulte as a potential tool for the Trump administration to combat affordable homeownership challenges. However, the administration never went forward with the idea.
“Homeownership is one of the most important ways New Jersey families build equity, stability, and long-term financial security,” said Kean. “I have heard directly from residents across our state who feel stuck in homes that no longer meet their needs because moving would mean giving up their mortgage rate. I wrote this bill, the MOVE Act, to give homeowners more freedom, help put more homes on the market, and make the American Dream of owning a home more attainable for families across New Jersey.”
This is the second bill introduced by Kean since return to Congress after an unexplained absence from March 5 to June 30. Upon his return, he stated he was away from Washington to receive treatment for depression.
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