what is an assumable mortgage

what is an assumable mortgage

An assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller’s existing mortgage rather than obtain a brand-new mortgage, according to James Hines, a spokesman at Wells Fargo Home Mortgage in Des Moines, Iowa.

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Guide to Mortgage Assumptions | HGTV – For the buyer, a mortgage assumption can work out well under the right circumstances, but it often is steeped in the seller’s misery or tragedy. For the seller, it can be a good way to get a weight off of one’s shoulders, a two-story weight that has 2.5 bathrooms.

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Assumable mortgage. Definition: An assumable mortgage is a home loan that can be transferred from a seller to a buyer. The buyer then takes over payment of an existing loan. Typically, only FHA and VA loans are assumable. Learn more about assumable mortgages.

Assumable Mortgages: When Can You Transfer Home Loans? – An assumable mortgage is a loan that can be transferred from one party to another with the initial terms remaining in place. For buyers and sellers in a rising interest rate environment, taking advantage of an assumable mortgage is a great option that makes financial sense-if done properly.

What Is An Assumable Mortgage? | FortuneBuilders – An assumable mortgage is an arrangement between the current owner and an impending buyer that transfers the existing mortgage and its terms from the home’s owner to the new buyer. In its simplest form, however, this arrangement will witness a buyer assume the mortgage of the owner, and any remaining debt obligations promised to the lender.

Assumable Mortgage. The main advantage of assuming a loan, however, is that when interest rates are rising, assuming a mortgage lets the buyer keep the seller’s low mortgage rate. The advantage to the seller is that it makes his or her property more appealing to buyers.

What is an Assumable Mortgage?: A Guide to Assumable Home. – In some cases individuals considering buying a new home may be told that the seller is willing to work on an assumable mortgage deal.

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Mortgage Assumption Agreement Real Estate Law – Behrins Law Firm – Q. What's an "assumable" mortgage? A. It's an existing mortgage debt affecting real property which may be transferred from a seller to a purchaser without being .

The benefits of an fha assumable mortgage There are three major reasons why a potential buyer might be interested in assuming an FHA mortgage: Taking advantage of a lower mortgage rate.

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