An assumable loan is a type of mortgage that allows a buyer to take over the seller’s existing mortgage when purchasing a home. This means that the buyer assumes responsibility for the outstanding balance, interest rate, and other terms of the seller’s original mortgage, instead of obtaining a new mortgage. Assumable loans can be advantageous for buyers, especially if the interest rate on the existing mortgage is lower than current market rates. It’s important to note that not all mortgages are assumable, and the ability to assume a loan is subject to the lender’s approval and specific terms of the original mortgage.
Here are some tips in finding a home with an assumable mortgage, click here.
Ready to sell? Know your home’s worth, click here.
Homes for sale in Carmel Valley click here.
Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
