The Documents You Need to Complete a Mortgage Assumption: Complete Checklist
If you’re considering taking over a seller’s mortgage, you’ve probably heard the term mortgage assumption. This process allows a buyer to assume the existing mortgage terms, rather than taking out a new loan. For the right situations, mortgage assumptions can be a great way to lock in favorable interest rates or avoid additional fees associated […]
Mortgage Assumption After Divorce: Keep Your Home and Low Interest Rate
Divorce is a challenging time, but one practical solution to ease the transition is a mortgage assumption after divorce. This option allows one spouse to take over the existing mortgage, removing the other from the loan, and keep the home with its current low-interest rate. What Is a Mortgage Assumption? A mortgage assumption allows one […]
How Do I Assume a Mortgage?
Assuming a mortgage is an excellent option for homebuyers looking to take over an existing mortgage’s terms. You could end up saving money through lower interest rates that you secure in the process. But how exactly do you assume a mortgage, and what is the process involved? Assumption Solutions guides you through everything you need […]
8 Questions to Ask When Considering an FHA Assumable Mortgage
When considering an FHA assumable mortgage, it’s crucial to understand the ins and outs of the process. FHA loans are attractive because they allow buyers to “assume” or take over the seller’s current mortgage, often at a lower interest rate. With changing interest rates, this can be a significant advantage for buyers. However, there are […]
How Secondary Financing Fills VA Mortgage Assumption Cash Gaps
New Rules from the Department of Veterans Affairs Ease Costs of Assuming a Loan For many veterans and service members, assuming an existing VA loan can be an attractive path to homeownership. However, a common hurdle in this process is the “cash gap” – the difference between the original mortgage balance and the current home […]
What Types of Mortgages are Assumable?
Many buyers and sellers overlook the potential benefits of assumable mortgages when navigating the world of home financing. An assumable mortgage allows a new borrower to take over the existing loan under its original terms. This can be particularly advantageous in a market where interest rates are rising, as it enables the buyer to secure a lower interest rate […]
FHA Assumable Mortgage Guidelines Everyone Needs to Know
A home is shown with a red for sale sign in the front yard in the blog about “FHA Assumable Mortgage Guidelines Everyone Needs to Know.”
How to Become Your Own Expert on FHA Assumable Mortgages
Federal Housing Administration or an FHA mortgage has become a significant boon in today’s hyper-expensive housing market. They’re one of the few assumable loan types on the market now, which makes homes with FHA loans highly sought by buyers. If you qualify, an FHA assumable mortgage provides an affordable borrowing option to break through the […]
How to Qualify for an Assumable Mortgage: FHA and VA Insight
An assumable mortgage through an FHA or VA loan can help streamline your home purchase, save you money, and get you into a house quickly. But just like any mortgage, though, you need to meet qualifying standards. Yes, even if you’re assuming a VA or FHA loan, you can’t just ignore these guidelines and get […]
Exploring FHA Assumable Mortgages for First-Time Homebuyers
As a first-time home buyer, you’re pretty excited and more than a little nervous about this process. That’s totally understandable! Buying a home in Colorado Springs, CO, or elsewhere in Colorado is a considerable investment: completely life-changing. However, it can also be unnecessarily expensive for first-time home buyers if they don’t understand their loan benefits […]