Selling Made Simple with An Assumable Mortgage
Is it time to sell your home? Did you know your assumable mortgage can make your property even more attractive to potential buyers? Believe it or not, you’re at an advantage, and Assumptions Solutions can help you stand out from the crowd and sell smarter, not harder.
Assumable Home with Sales With More Confidence
Whether you have a VA, FHA, or USDA assumable mortgage, you’re in the right place, and it’s definitely worth the time and effort to put your place on the market. The benefits of adding your home to the assumable mortgage listings today outweigh the disadvantages, including:
Appeal to Variety of Buyers
Open up your home to a larger pool of buyers who might not qualify for traditional financing for a quick sale.
Ability to Be Competitive
Your home is set apart from others on the market for a competitive edge that will help you attract the right kind of buyer.
Potential to
Sell Faster
Streamlining the selling process for buyers can lead to an offer with less paperwork and time involved.
Why Choose Assumption Solutions?
Don’t let your assumable mortgage stop you from entering into selling your home! Assumptions Solutions allows you to get top dollar for your property by completing a successful mortgage assumption with a qualified buyer. We work with you to ensure a smooth and successful closing, providing you:
Understanding Assumable Mortgage Terms
Together, we can review the terms and conditions of your existing mortgage, including the interest rates, remaining balance, and any specific clauses of your assumption. (Not all home loans are assumable, and you might need lender approval.)
Assessing Eligibility for Qualified Buyers
Does your potential buyer meet your lender’s criteria for assuming your mortgage loan? A buyer will most likely need to complete a credit check and demonstrate financial stability. They will also need documentation to prove creditworthiness or eligibility to complete the assumable mortgage transfer.
Lender Communication and Coordination
Assumptions Solutions can help you work through the assumption process with your lender to prove your required documents and respond to inquiries. You won’t be alone in the financial approval process with your lender.
Setting up Your Sale Agreement
Let’s make sure your sales contract clearly outlines the terms and conditions of your assumable mortgage, looking at your remaining balance, what terms you agree to with the buyer, and contingencies that protect you and the buyer in case your assumption is not approved.
Managing Timelines for Closing
Completing your mortgage assumption with the overall process of simply selling your home will have timelines. We help you prepare for closing that might have a few extra steps because of your home’s assumable mortgage listing.
Four Steps to Selling Your Home with an Assumable Mortgage
Take the confusion out of moving on from your home and your assumable mortgage in Colorado Springs. Your assumable mortgage listing will give you a variety of buyers or selling options that we can help you with to get your home sold so you’re free to move on to your next adventure. Follow these easy steps to success:
Step 1
Add your home to the affordable assumable mortgage listings for your USDA, FHA, or VA assumable mortgage loan. These loans are most commonly issued with a qualified assumption clause that we can help navigate. (This is the first step towards moving out and moving on!)
Step 2
Find a buyer interested in assuming your mortgage. We can assist you or your real estate agent with marketing tips and materials about mortgage assumptions. An assumable mortgage may make your home sell faster in a slowing market and for more money! (Who doesn’t want that?)
Step 3
The seller and buyer both engage Assumption Solutions to process your file for approval by the existing lender. Assumption Solutions collects a seller assistance fee of $750. The first $50 is paid at engagement, and the remaining $700 is paid at approval.
Step 4
This is the most crucial step of the process; seeing you sell your home and have a mortgage assumption process with less stress and headaches is all we ask for. (If you’re happy with your outcome, don’t hesitate to share it with family and friends if they need help!)
Be Bold and Get Your Home Sold
We live for your questions about selling your assumable mortgage home. Assumption Solutions has years of experience helping homeowners in Colorado Springs get that “Sold” sign they’ve been looking for. What will your next move be?
FAQs Home Sellers Need to Know
What is an assumable mortgage?
This type of home loan transaction allows your buyer to take over your existing mortgage loan instead of securing a new mortgage. This is the “assuming” part of the process where a buyer takes over where you left off with your home loan to assume the remainder of your principal balance or repayment period.
Are sellers looking for assumable mortgage homes?
YES! With the current housing market dynamics in Colorado Springs and across the country, more buyers are interested in mortgage assumptions when purchasing a new home. It’s a time when sellers are aiming to take advantage of historic low interest rates that many homeowners were able to secure through refinancing in 2020 and the subsequent years.
Is my current mortgage assumable?
Most assumable mortgage loans fall under one of these categories:
- FHA loan: If you have a loan backed by the Federal Housing Administration, it’s generally OK for a buyer to assume it with proper lender approval.
- VA loan: These loans set up for our valued military members and veterans are assumable but require approval from the Veteran’s Administration or lender.
- USDA loan: U.S. Department of Agriculture loans are assumable, in most cases, aimed at helping rural home buyers across the country.
- Conventional loan: Most conventional loans don’t qualify for mortgage assumption. However, an assumption of mortgage after a divorce or death can be an option.
Should I allow a buyer to assume my mortgage loan?
Sometimes, we want to sell our home to a family member; this is when you could consider an assumable mortgage sale. It is a great way to provide someone you love with a head start on owning a home with a low-interest rate you previously secured to keep the property in the family. Whether you want your mortgage to be assumed depends on your personal situation, loan terms, and what goals you’re looking to achieve in selling your home. We can help you weigh both the pros and cons.
Will I be debt-free if my loan is assumed?
This is a great question, and we’re happy to say that (in most cases) the answer is yes. When you handle this process with the right team on your side, like Assumption Solutions, we can show you how to relieve your debt responsibly and move on to your next home.
Will it cost me money to allow my buyer to assume my mortgage?
You’ll need to pay your real estate agent commissions, title transfer fees, and necessary taxes. However, as a seller with an assumable mortgage, there should be no additional or unexpected fees associated with the process outside of what’s standard for any new property purchase. It’s important to know what policies your lender has in place or Colorado (or any other state) laws that might impact your sale. We can help you understand regulations in any state!
Get More for Your Assumable Mortgage Home Today
Are you ready to start the assumable mortgage sale process? Contact us or give us a call!