Assumable?

how do I handle a assumable mortgage? Besides variable interest rates, what else should I look out for?

Comments(3)

  • maw27th December, 2004

    you need to provide alot more info here. In what context are you asking the question. Are you purchasing a house with an assumable mortgage? What is the amount where is it located. what are the terms.

  • kenmax27th December, 2004

    need more input......input ......input.........km

  • jeff1200227th December, 2004

    First, let's be clear about something. There are for all intents and purposes no more "no-qualifying" assumable institutional loans out there.

    This means that if you are going to "assume" a loan, you will have to meet the Lenders qualification criteria, and pay them for the inconvenience. You may be able to qualify for a better loan program than the existing loan you're considering assuming, and since you need to go through essentially the same process, why not explore those options as well?

    You might consider discussing an all inclusive deed of trust, or contract for deed with the current owner which leaves the existing financing in place, and a portion of your payments to them makes the payment on the underlying loan. Your only qualification for this type of financing is the Seller's belief in your ability to make the payments.

    Good luck,
    Jeff

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