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Information on How Assumed mortgages work
I currently have a house for sale that has a 1st mortgage of about 260,000 and a Equilty LOC of 170,000. The home was appraised at 599,000. I have been trying to sell it for approx 18 months. I also own another home and it is crucial that I sell this one quickly. I have an interest rate of 4.84% on the 260,000 for 15 yrs.. Which is a great deal by today's market, and my LOC is at 6.83 for the 170,000. My interest rate is a great selling point if someone like to assume the mortgage to benefit from the low interest rate. How would this scenario work if I find an interested buyer?? How does a person go about assuming this great mortgage rate?
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Most of today's loans are not able to be assumed, so you will need to check with the lender and see if your loans can be assumed. Most loans today have a clause that when sold the loan is payable in full.
So if you find out it is assumable, if it is, the new buyer will have to meet their credit standards and apply to them to assume the loan. If you find it is, work with your broker and they will use this as a advertising plan. |
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