Buy My Loan -

: A new bank or finance company pays the outstanding balance to your current lender. You then owe the new lender under a new agreement.

This is a process where a new lender pays off your existing debt and replaces it with a new loan, often to provide you with better financial conditions. This is commonly known as or a balance transfer .

Lenders frequently sell existing loans to other financial institutions or investors to "free up" capital so they can issue new loans to other customers. Why Do Mortgages Get Sold? What You Can Do About It