Assumable Loan: How does an Assumable Mortgage Work?

What is an assumable loan? How does an Assumable Mortgage Work?
And most importantly, how can it benefit you?
Discover the power of assumable loans in the current housing market. In this video, we delve into the intricacies of assumable loans or mortgages, an often overlooked tool that can provide a unique advantage for both buyers and sellers. Learn the basics of what an assumable loan is, how it works, and most importantly, how it can benefit you.
Let's break down the process, from a buyer agreeing to assume the seller's mortgage to getting lender approval and the subsequent responsibilities. I'll share insights on potential hurdles, such as escrow amounts and VA entitlement considerations, ensuring you have all the details for your specific situation.
But why should you consider an assumable loan? Explore the benefits, including lower interest rates, fewer closing costs, faster transactions, and the potential for more of your monthly payment to go towards the principal. If you're in the market to buy or sell a home, or you're a fellow agent looking for a strategic edge, understanding assumable loans could be a game-changer.
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Lydia Rowe is a Realtor® in Tipp City, Ohio. (Northern Dayton, Ohio)
Feel free to reach out to me at lydia@listwithlydia or 937-867-1612 if you are looking at buying or selling in Ohio, or would like a referral for another area.
Brokerage: NavX Realty
License number: 2022000499
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[@nw8204]

I'd love to know more about taking out a loan for the "cash" required for the assumable mortgages. I was told it was possible but can't find much about it, or assumable loans in general. So this was very helpful thank you!

[@listwithlydia]

You're welcome. I do know a lender who has some creative "cash" options. You often have to do this 30-40 days ahead of the transaction. If you want some lender contact info just send me an e-mail [e-mail]