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Assumption, Assuming a Mortgage
from: Jennifer Hershey An assumption is the agreement between the buyer and the seller
where the buyer takes over the payments on an existing mortgage
from the seller. Assuming a mortgage can usually save the buyer
money since this is an existing mortgage debt, unlike a new
mortgage where closing costs and new, probably higher, market
rate interest charges will apply.
This type of mortgage scenario might just be a nice fit for
someone who is looking to save money on closing costs and assume
a low interest rate.
Another benefit associated with assuming a mortgage is that a
portion of the mortgage has already been paid by the seller.
Also, there is little doubt that the house has appreciated since
the seller purchased the house, so the mortgage you assume will
be less than the actual value of the home.
The assumption of a mortgage loan can be tricky, and is not
without all of the paper work that accompanies traditional
mortgages. So be sure to consult the appropriate parties such as
a real estate lawyer or realtor to help point you in the right
direction.
Without a doubt, the number one benefit to an assumption is the
money saved in closing costs. So if this sounds like a fit to
you, than it is definitely worth the time you take to research
it.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
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New Jersey Home Mortgage Specific links
New Jersey Home Mortgage News
Residential Home Funding Corp. Annual Meeting Draws Hundreds as Company Touts Economic Viability in a Rocky Mortgage ...
Residential Home Funding Corp. (RHFC) a New York-New Jersey regional mortgage bank held its Annual Meeting on Thursday, January 26, 2012 at the Sheraton Tara in Parsippany drawing over 350 employees and strategic business partners. (PRWeb January 31, 2012) Read the full story at http://www.prweb.com/releases/2012/1/prweb9151785.htm
Read more...UMH Properties, Inc. Announces New Mortgage Loan
FREEHOLD, N.J., Feb. 3, 2012 /PRNewswire/ -- UMH Properties, Inc. (NYSE Amex:UMH) today announced that it has entered into a new $11,400,000 mortgage loan with Bank of America, N.A. to refinance two manufactured ...
Read more...Region's home prices drop 2.3%
National home values down 3.7 %
Read more...AmeriNational Selected by New Jersey Housing and Mortgage Finance Agency to Provide New Jersey HomeKeeper Loan ...
BALTIMORE -- AmeriNational Community Services, Inc. is pleased to announce that it has been selected by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to provide Loan Underwriting services ...
Read more...Ryan Homes Announces the Release of New Homesites at Preserve at Greenwich Crossing in East Greenwich, NJ
EAST GREENWICH, N.J., Feb. 3, 2012 /PRNewswire/ -- NVR, Inc. (NYSE: NVR - News), one of the nation's largest homebuilding and mortgage banking companies, announces the release of new homesites in the Preserve ...
Read more...