Finding a house with an assumable mortgage these days could prove to be a real find – but it is not very common. Typically only the FHA and the VA uses assumable mortgages, which basically means that another person can simply take over the house and payments. Here is some information that you need to know if you are thinking about taking over an assumable mortgage.
Getting a house with an assumable mortgage can make things easier for you. It means that you may be able to save considerable money, as well as have a speedier process involved. It can really be to your advantage, too, because the lower interest rates that are probably on it will enable you to save money. Not having closing costs and a few other expenses can also mean saving even more. You will, however, if the mortgage was obtained after 1989, need to be approved by either the FHA or VA before you can assume the mortgage.
The greatest amount of savings can be gained if you can simply pay cash for the house – the balance between the value of the mortgage and what the house is selling for. For instance, if the house is selling for $125,000, and the mortgage is worth $85,000, then the amount...
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