Helping you complete a successful mortgage loan assumption
Assumption Solutions consults on and processes VA & FHA mortgage loan assumptions between home buyers, sellers, and real estate agents. Your file will be handled by a dedicated assumption expert to walk the file through to completion.
A mortgage loan assumption occurs when a home is sold to a buyer with an existing mortgage on the property. Instead of paying off the mortgage, the buyer and seller in conjunction with the existing lender's approval agree to keep the existing mortgage in place and make the buyer the new responsible party on the loan.
Why would anybody want to utilize a loan assumption?
The four step process
Step 1: Determine if you have an assumable loan on the property. Most FHA, VA, & USDA loans are assumable. If you're not sure what kind of loan you have, contact us and we can help you find out.
Step 2: The current homeowner or listing agent should contact Assumption Solutions so we can execute an engagement letter and begin gathering the necessary information to process an assumption with the existing lender.
Step 3: Connect the buyer with Assumption Solutions so we can execute an engagement letter and gather the required information from the buyer necessary to gain approval from the existing mortgage holder for the assumption.
Step 4: Once the assumption is approved closing can take place. We will help coordinate all the necessary requirements directly with the entity performing your closing.
The following zoom class recorded video was put on for agents across the country to learn all about mortgage assumptions. It's a great video for agents, home buyers, and home sellers.
What is the price to have Assumption Solutions process a mortgage loan assumption?