how does an assumable mortgage work
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How does this work, and who is responsible for accepting and handling. How will this affect our credit rating if we attempt to finance a house in our new location? Our mortgage is a 30-year,
An assumable mortgage is a home loan that can be transferred from the original borrower to the subsequent homeowner. The interest rate stays the same. Having an assumable loan can give a home.
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In a mortgage assumption, the existing borrower transfers the obligation to an assuming borrower. Under the new HUD regulations, such transfers can no longer go forward without the lender’s consent. How does the process work? Say you find a house where the seller has an FHA mortgage loan of $200,000, and they are asking $350,000 for the property.
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· How Does an Assumable Mortgage Work? Mortgage assumption is a transaction that allows someone to take over responsibility of an existing loan. Once the property is transferred, or sold, the new buyer then takes over the original loan and begins to make the monthly payments of said loan.
To assume a mortgage, start by contacting the lender to make sure the mortgage is assumable, since many lenders prohibit buyers from taking over an existing mortgage. If the mortgage is assumable, you’ll have to complete an application with information such as your income and the value of your assets.
In some cases, a VA loan may be assumable, that is the buyer can take over the VA loan regardless of whether they are civilian or military. At one time, all homes purchased with a VA loan were considered assumable, but since then the rules have changed. Lenders and/or the VA need to approve a loan assumption.
How Assumable Loans Work If you decide you want to take on an assumable loan, the home and the mortgage get transferred into your name. As soon as the process is complete, meaning you go through the closing process, the seller is no longer liable for the mortgage.
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