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Financing Your Home >Assuming a Mortgage
You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan.
Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today.
Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
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Originally incorporated under the name Georgiana, what is the oldest incorporated city in the United States?
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York, Maine, which received an English charter in March 1642, is the oldest incorporated city in the U.S. |
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Jodi Goldberg Re/Max Central 520 Route 9 North Manalapan, NJ 07726 Cell: 908-770-2150 Office: 732-972-1000 Ext 346 Fax: 732-972-1101 TEXT JODIG to: 87778 jodigoldberg@NUMBER1EXPERT.com
Contact Jodi Goldberg of RE/MAX Central. Top Realtor in Marlboro New Jersey, Manalapan New Jersey. Top 1% of RE/MAX NJ Agents, Top 1% of Monmouth County Agents.
My experience is working with First Time Home Buyers, Residential Single family Homes, Condos, Investment Properties, and Adult Communities 55+, both as a Listing Agent and Buyers Agent.
Whatever your particular real estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.
My Goal is Simple! To Help People achieve their goals, whether that means finding the home of their dreams or selling their home and moving on to the next chapter in their lives. 
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