When to create an LLC?

[Dan Kao]

Hi newbie here,

Sorry for the basic question, but I haven't seen an outright answer regarding this yet. 

The mortgage on my property was taken out under my name since it was a first property. But if I look to transfer the deed to an LLC, I run the risk of the lender calling the loan (I believe this was in the mortgage terms).

Does this mean I need to wait until the property is paid off before forming an LLC for this property? Or is there a workaround? 

Thanks in advance!