The borrower may move an existing loan from one lender to another by using a take over loan. This can be done for a number of reasons, such as to get a lower interest rate on a mortgage. Track down a lender that provides takeover loans. documentation Apply for the loan Close the loan Pay off the existing loan Interest rates are low Minimal Processing Fee No Additional Fees There are no prepayment penalties or interest fees for daily balance reductions. Additionally, there is a top-up facility. To get a lower interest rate To make your loan terms better Getting your debts combined