mortgageq: Barbara's Blog - Can the Buyer Assume My Mortgage
- 05/04/15 04:22 AM
Simply put, an assumable mortgage allows a buyer to assume the rate, repayment period, current principal balance and other terms of the seller's existing mortgage rather than obtain a brand-new mortgage, according to James Hines, a spokesman at Wells Fargo Home Mortgage.
It should be possible to assume any type of mortgage, but it is usually an FHA loan or a VA Loan. There are certain advantages for a buyer when assuming a mortgage. "An assumable mortgage can be very attractive if interest rates are on the rise or the current interest rates are significantly higher than the interest rate on … (1 comments)
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