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How to find if a sellers home has an assumable mortgage?
Posted on 6/16/23 at 5:04 pm
Posted on 6/16/23 at 5:04 pm
I'm in the market to purchase a home and interested in every option available to have the lowest rate. That said, I'm struggling to find if mortgages are assumable on the interwebs. Could someone help me out!
TIA
TIA
17
Posted on 6/16/23 at 5:08 pm to jlu03
Knock on their door and ask them.
Posted on 6/16/23 at 5:12 pm to Paul Allen
quote:
Knock on their door and ask them.
this is probably the only way to find out - I’m not a real estate agent or a lawyer - but I’m pretty sure that kind of stuff depends on the loan type and would be explained in the purchase agreement/contract or whatever it’s called Posted on 6/16/23 at 5:13 pm to jlu03
How many people even know if their loan is assumable?
Posted on 6/16/23 at 5:15 pm to dyslexiateechur
quote:
How many people even know if their loan is assumable?
Most are not but if the seller was interested in doing so they would generally advertise it in the listing.
Posted on 6/16/23 at 5:15 pm to GreenRockTiger
quote:
this is probably the only way to find out - I’m not a real estate agent or a lawyer - but I’m pretty sure that kind of stuff depends on the loan type and would be explained in the purchase agreement/contract or whatever it’s called
Is the purchase agreement public knowledge? I checked the clerk's office but couldn't find mortgage docs.
Posted on 6/16/23 at 5:17 pm to jlu03
quote:that I don’t know either - did you ask at the clerk’s office? They should know what is allowed to be public
Is the purchase agreement public knowledge? I checked the clerk's office but couldn't find mortgage docs.
Posted on 6/16/23 at 5:19 pm to GreenRockTiger
quote:
that I don’t know either - did you ask at the clerk’s office? They should know what is allowed to be public
This particular house is located on the East Coast and they are closed for the weekend. Seeing if anyone had info so I could do some research over the weekend
Posted on 6/16/23 at 5:35 pm to jlu03
Not very many do, but the seller would know if they still have the CD from when they bought the home.
ETA: closing disclosure. I don't know if people normally keep those, but I kept all of the paperwork from when I closed on both of my homes.
ETA: closing disclosure. I don't know if people normally keep those, but I kept all of the paperwork from when I closed on both of my homes.
This post was edited on 6/16/23 at 5:37 pm
Posted on 6/16/23 at 5:35 pm to jlu03
quote:on the papers you did find, was the bank/mortgage lender listed? You might be able to call them, wouldn’t know if those places would be open on the weekend. You could call the owner
This particular house is located on the East Coast and they are closed for the weekend. Seeing if anyone had info so I could do some research over the weekend
Posted on 6/16/23 at 5:38 pm to GreenRockTiger
why would anyone want to assume a mortgage?
Posted on 6/16/23 at 5:41 pm to 777Tiger
quote:
why would anyone want to assume a mortgage?
To assume the lower interest rate. I think the catch is, though, you have to have the cash to bridge the gap between what’s left on the sellers mortgage and the new purchase price. Not many people have that much cash. Or you have to get a second loan which means there’s a second lien on a house.
Posted on 6/16/23 at 5:42 pm to MelGibsonPatriotGif
which goes to my question
I wouldn’t do it
I wouldn’t do it
Posted on 6/16/23 at 5:43 pm to jlu03
Check deed of trust
Posted on 6/16/23 at 6:06 pm to jlu03
quote:
How to find if a sellers home has an assumable mortgage?
Ask them
Posted on 6/16/23 at 6:10 pm to jlu03
It would depend on the specific mortgage. I’d imagine that gov’t back mortgages have anti-assignment clauses.
Posted on 6/16/23 at 6:10 pm to 777Tiger
quote:not sure
why would anyone want to assume a mortgage?
Posted on 6/16/23 at 6:21 pm to 777Tiger
quote:
assume a mortgage?
There are alot of advantages. Lower interest rate and terms being the main and most obvious. There are instances where someone would take ownership from a family member say in the event of a death. Maybe they can't qualify for that mortgage at 6.75% and would have no choice but to sell the home, but they could qualify at the interest rate on the original loan of 2.75%.
Posted on 6/16/23 at 6:25 pm to LSUSkip
I’ve bought and sold a lot of real estate and have been approached about “creative” financing, didn’t take long to realize that if a person can’t qualify for financing there’s usually a good reason
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