Got a government-backed mortgage with an assumable loan? If you decide to sell, a buyer might jump at the chance to get, say, a 3% interest rate instead of something between 6% and 7%.
An assumable loan lets the mortgage stay on the home, even though you transfer the home’s deed to a new owner. So, you can transfer your existing mortgage along with your home’s title. Lucky buyer!
If you’re selling a home, you might point to a possible mortgage assumption among the features you advertise in your listing. And if you’re looking to buy, it could be worth the effort to seek out a home with an assumable loan in 2023 and beyond.Continue reading ““Assume” Makes a Great Deal for You and Me, Right? What to Know About Your Assumable Mortgage”