"Assume Loans... helps buyers and Sellers with Assumptions" The Wall street Journal
Welcome
The Loan Assumption Professionals
Let us help you with your loan assumption!
"Assume Loans... helps buyers and Sellers with Assumptions" The Wall street Journal
Let us help you with your loan assumption!
A low rate loan assumption might be the most important feature of your listing. We will give you the tools to confidently market the assumable opportunity and help you attract more qualified prospective buyers .
Assuming a loan is similar to getting a mortgage however you are limited to using the lender/servicer that holds the loan. Let our decades of experience in FHA and VA financing work for you to get your loan assumption secured.
We will meet with you and your realtor to explain how offering your mortgage for a loan assumption can help you sell your home fast and for top dollar. We explain the pros and cons when considering all offers .
Please contact us if you cannot find an answer to your question.
Yes - As long as you intend to use the property as a primary residence and meet the credit and income qualifications of a traditional mortgage!
No - Typically assumable loans are loans backed by the Federal Government. They are FHA, VA and Rural Housing Loans. You do not however need to be a veteran, first time buyer or live in a rural area to be eligible to assume one of these loans.
Every owner occupied buyer. We see properties go under agreement every day that have assumable loans under 3%!!! All buyers should carefully consider the advantages and terms if the home they are buying has an assumable loan. You most likely will have a much lower monthly payment than a new mortgage. The assumed loan will have a shorter term and you will pay down the mortgage balance more rapidly.
Assumable loans have been available for decades but for decades rates have steadily gone down. There was no reason to assume a higher rate loan. Rapidly rising rates have made assumable loans very attractive for prospective buyers.
There is very little understanding and expertise in how to get an assumption done. While the concept is simple, the execution takes coordination. Many lenders/servicers do not treat assumptions as a priority. We are here to get the ball rolling and keep everyone (seller, realtor, buyer and loan servicer/lender) on track to ensure a successful process.
Simply Put - Low rate financing will attract more potential buyers. More interest will ensure the best value for the property. The lower the rate the higher the demand. The seller is also released of all liability for the loan upon the sale of the property. (Veterans - Allowing the assumption of your VA loan means you will lose your VA eligibility unless the buyer is also an eligible veteran. )
Downpayment is the biggest challenge for prospective buyers. The buyers assume the existing loan and must come up with the difference between the loan balance and the purchase price. The same rules of traditional financing apply in terms of savings required and allowable gifts from immediate family members for the downpayment. Additionally non-occupant borrowers to help income qualify are not allowed.
We charge a flat fee of $2,950 that covers marketing through a successful closing. We also offer a premium "authorized representative" level. Call or book for a free consultation to learn more.
The seller or realtor provides details about the assumable mortgage such as start date, remaining balance and monthly payment.
Compare the payments and annual principle reduction of an assumable mortgage to those of a higher rate new loan.
There is a lot of money to save but also a lot to consider when comparing loans. We are here to break it all down.
Send us a message, and tell us more about your loan assumption needs. Someone will get back to you soon to schedule a consultation.
202 Washington Street Suite 323, Brookline, Massachusetts 02445, United States
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