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Home > Money & Services > Mortgages   »   Assumable Loans

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Old May 11, 2007, 12:27 PM
GHaro
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Assumable Loans
What is the procedure to assuming a loan?

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Old May 11, 2007, 09:02 PM   #2  
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If the loan is assumable, contact the Mortgage Company or Lender that holds the loan and request an assumption package to be mailed to you. To give a short explanation, the assumption package will contain various documents that you will need to complete so that they can verify that you qualify for assuming the loan. If you do, a title company will become involved to facilitate the closing.

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GHaro agrees: I have a loan that I want to assume but I didn't know where to start, this let me know exactly who to request info from. Thanks so much!!!
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Old May 11, 2007, 09:23 PM   #3  
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Well finding one hat is assumable will be the real issue, very few are today, You will have to prove your creidt to the bank, and be approved to take over the loan, do you have a loan you are wanting to assume,
But if not, the first step is to check on the loan

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GHaro agrees: Good, I wasn't sure if I had to be prequalified... thanks for the advice!
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