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
Appeal to Variety of Buyers
Ability to Be Competitive
Potential to
Sell Faster
Why Choose Assumption Solutions?
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
Lender Communication and Coordination
Assumptions Solutions can help you work through the assumption process with your lender. You won’t be alone in the financial approval process with your lender of your home buyer.
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
Step 1
List your home and market the FHA or VA assumable mortgage loan terms currently in place. Properly marketing the asset you have to the widest audience is key to getting your home sold for top dollar.
Step 2
Step 3
The seller and buyer both engage Assumption Solutions to assist you in getting your file approved by the existing lender. Assumption Solutions collects a seller assistance fee of $950. The first $50 is paid at engagement, and the remaining $900 is paid at approval.
Step 4
Close you sale upon obtaining assumption approval from the servicer. Seeing you sell your home and have a mortgage assumption process with less stress and headaches is our goal. (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
FAQs Home Sellers Need to Know
What is an assumable mortgage?
Are sellers looking for assumable mortgage homes?
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.
- Conventional loan: Most conventional loans don’t qualify for mortgage assumption. However, an assumption a of mortgage after a divorce or death may be an option.
Should I allow a buyer to assume my mortgage loan?
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?
A mortgage assumption places the responsibility for the existing mortgage on the new buyer and removes responsibility from the seller. Any sale that doesn’t include a qualifying mortgage assumption or complete payoff of the loan does not remove a seller from liability. Every FHA and VA mortgage assumption removes the seller from responsibility for the repayment of the loan.
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 state laws that might impact your sale.