Question:

How can I find assumable mortgages?

Answer:

The easiest way to find assumable mortgages is to look it up in the yellow pages or check real estate directory listings online for assumable properties, assumable houses and mortgages.

An assumable mortgage is a mortgage taken over by the buyer when a property is sold. Many homebuyers would prefer to assume a mortgage as it often carries lower interest than existing market rates. Under the law, sometimes the seller remains in liability even though the debt has been assumed until the assumable mortgage is fully paid off.

Finding an assumable mortgage may be easy to do. What is harder is to convince the lender to accept the assumption. Lenders would rather lock a new loan with higher rates so they might charge you a fee to accept the assumption. Also, most assumable loans may require that you qualify. FHA and VA mortgages are usually assumable after meeting the requirements for mortgage assumption.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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