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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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Refinancing Mortgage Rates News
Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% - MonitorBankRates.com
 MonitorBankRates.com | Mortgage Refinance Rates: 15 Year Refinance Mortgage Rates at 3.29% MonitorBankRates.com Mortgage refinance rates on 30 year conforming home loans are averaging 3.98%, unchanged from yesterday's average 30 year mortgage refinance rate. Mortgage refinance rates today on 15 year home mortgage loans are averaging 3.29%, down from yesterday's ... Security America Mortgage, Inc. Extends the Mortgage Lending Industry ... CEO, Garret Puckett, Proudly Announces the Recently Launched VA Loan Websites ... |
Refinancing: Time to Act? - Wall Street Journal
 Wall Street Journal | Refinancing: Time to Act? Wall Street Journal By JESSICA SILVER-GREENBERG Mortgage rates have been hovering at historical lows for months—but some homeowners are waiting for even better deals before they take the plunge and refinance. Associated Press Townhouses in Beaverton, Ore. Mortgage Interest Rates Friday February 3, 2011, 15 Year Mortgage Rates at 3.30% Mortgage Rates Hit New Lows as President Obama Tries to Expand Refinancing Mortgage rates for 30-year loans hit record low |
Obama to detail broader housing refinance plan - BusinessWeek
 Politico | Obama to detail broader housing refinance plan BusinessWeek By JIM KUHNHENN The Obama administration is trying to fix a stubborn drag on the economy by making it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth, ... Mortgage Relief Plan Aims at Refinancing Obama proposes broader housing refinance plan Obama's new housing refinance plan |
Obama pressures Congress on mortgage refinance program - Fox News
 USA TODAY | Obama pressures Congress on mortgage refinance program Fox News WASHINGTON – President Obama is rallying support for his plan to expand government assistance to homeowners, pressuring Congress to help lower lending rates for millions of strapped homeowners. Obama, in his radio and Internet address Saturday, ... Obama presses Congress on home refinancing President's plan could help underwater homeowners President Obama: A plan to help responsible homeowners |
An Easier Path to Refinancing - New York Times
 Credit Union Times | An Easier Path to Refinancing New York Times It is only a first step toward healing the economy's biggest open wound, but President Obama's new mortgage refinancing plan could provide considerable relief for millions of homeowners shackled to high interest rates. The New Refinance Programs: will they help the Arizona Economy? Halfway home Rewarding Homeowners for Good Behavior |