Welcome to Assumptions Solutions
The VA, FHA, & USDA Mortgage Loan Assumption Experts
Helping you complete a successful mortgage loan assumption
Services
Helping Home Buyers and Sellers Complete a Successful Mortgage 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.
What is a Mortgage Loan Assumption?
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.
Mortgage Loan Assumption Benefits
Why would anybody want to utilize a loan assumption?
- Buyers have the potential for lower fixed interest rate and monthly payment in a rising rate climate
- Sellers have an asset that may increases the homes value
- Lower closing costs
- Increased homeownership options
The Process
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 Assumption Process Video Class
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.
Pricing
What is the price to have Assumption Solutions process a mortgage loan assumption?
- Our fees are split evenly between the buyer and seller.
- Seller side processing fee is $550
- Buyer side processing fee is $550
- A $50 processing fee to each party is due at engagement. The remaining balance of $500 to each party is paid at the assumption approval
Contact Us
Assumption Solutions
Hours
Monday - Friday: 9am - 5pm
Saturday: By appointment
Sunday: Closed
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