{"id":3223,"date":"2023-08-30T07:41:27","date_gmt":"2023-08-30T11:41:27","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3223"},"modified":"2024-04-25T23:17:34","modified_gmt":"2024-04-26T03:17:34","slug":"assume-makes-a-great-deal-for-you-and-me-right-what-to-know-about-your-assumable-mortgage","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/assume-makes-a-great-deal-for-you-and-me-right-what-to-know-about-your-assumable-mortgage\/","title":{"rendered":"\u201cAssume\u201d Makes a Great Deal for You and Me, Right? What to Know About Your Assumable Mortgage"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"383\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage-1024x383.jpg\" alt=\"\" class=\"wp-image-3224\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage-1024x383.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage-300x112.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage-768x287.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage-1536x574.jpg 1536w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/what-to-know-about-your-assumable-mortgage.jpg 2046w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>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%.<\/p>\n\n\n\n<p>An assumable loan lets the mortgage stay on the home, even though you transfer the home\u2019s deed to a new owner. So, you can transfer your existing mortgage along with your home\u2019s title. Lucky buyer!<\/p>\n\n\n\n<p>If you\u2019re selling a home, you might point to a possible mortgage assumption among the features you advertise in your listing. And if you\u2019re looking to buy, it could be worth the effort to seek out a home with an assumable loan in 2023 and beyond.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Which Loans Are Assumable?<\/h2>\n\n\n\n<p>Most conventional loans aren\u2019t assumable. But most government-backed loans are, if the parties get the approval of the lender.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Mortgages backed by the U.S. Federal Housing Administration (FHA) are assumable.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Many rural and suburban homes were bought with USDA loans, which are generally assumable.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>VA loans can be assumed, vet to vet. The funding fee will be reduced, compared to the fee for a new VA loan. (The catch? A seller might lose access to VA loan benefits until the buyer pays off the assumed loan in full.)<\/li>\n<\/ul>\n\n\n\n<p>With all of these loans, by transferring rather than breaking a mortgage, the seller can avoid the penalties that most sellers need to pay lenders. Sellers should check with their mortgage companies for precise terms. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sweet Deal for a Buyer; In the Right Circumstances<\/h2>\n\n\n\n<p>A buyer who assumes an existing mortgage won\u2019t have to reset the mortgage term, so the time for paying off the balance will be shorter. The buyer steps into the shoes of the current mortgage holder. That means paying more principal and less interest right off the bat. &nbsp;<\/p>\n\n\n\n<p>Assuming a mortgage can significantly cut the cost of buying a home. If a buyer can assume a very low-rate loan, the savings year by year could be impressive. In effect, getting a partially paid-off loan can help a buyer qualify for more in property value. &nbsp;<\/p>\n\n\n\n<p>Because the loan is already established, some of the closing costs will be reduced or waived, too.&nbsp;<\/p>\n\n\n\n<p>So far, sweet!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">It Can Be a Sweet Deal for the Seller, Too<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"225\" height=\"338\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/it-can-be-a-sweet-deal-for-the-seller-too.jpg\" alt=\"\" class=\"wp-image-3225\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/it-can-be-a-sweet-deal-for-the-seller-too.jpg 225w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2023\/08\/it-can-be-a-sweet-deal-for-the-seller-too-200x300.jpg 200w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/figure>\n\n\n\n<p>If your home is financed with an assumable loan, you have a selling point to advertise when you go to sell. And this selling point could add substantial value to your offering in times of elevated mortgage rates.<\/p>\n\n\n\n<p>The seller will be sharing their mortgage account information with potential buyers. Is it worth it? Maybe so. Some buyers would drop everything else for a home that comes complete with a low monthly mortgage payment. Some could be willing to pay more for that home.&nbsp; Also, a mortgage assumption option could help sell a home that lacks other selling points.<\/p>\n\n\n\n<p>Topping it off are the tax-related reasons to transfer the loan. Sellers, speak about your potential transaction with a tax specialist. Potential tax deductions include your loan fees, points, and other costs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Is the Buyer Vetted for Eligibility to Assume the Loan?<\/h2>\n\n\n\n<p>The lender vets the buyer, yes. That means scrutinizing credit, income, and reserve funds. And this could add extra time to the transaction, because the buyer is not going into the deal with a pre-approval letter already in hand. The buyer could need to apply for new financing to be able to afford the deal. So, a buyer takes on roughly the same amount of work to assume a loan as in getting a new loan. And the buyer might not be getting enthusiastic support from the lender to do it. Mortgage companies rarely promote loans with low rates, as those result in smaller fees for the lenders.<\/p>\n\n\n\n<p>All things considered, it\u2019s common for a buyer\u2019s timeline to stretch out an extra two months <em>or more<\/em> to process an assumable loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Words to the Wise: Mortgage Assumption Considerations to Know<\/h2>\n\n\n\n<p><em>Assumption<\/em> is an agreement between the parties that one will take over from the other. This does not <em>release <\/em>the original mortgage holder from liability to the lender.<\/p>\n\n\n\n<p>If you\u2019re a seller:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep making mortgage payments until the loan is in the buyer\u2019s name.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep tabs on your homeowner&#8217;s insurance account for a smooth transition, so you\u2019re not paying the buyer\u2019s premium.<\/li>\n<\/ul>\n\n\n\n<p>And if you\u2019re the buyer:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019ll pay an assumption fee (but this can be offset by other savings as described above).<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019ll need to be ready with the funds covering the difference between the loan balance and the home\u2019s sale price.<\/li>\n<\/ul>\n\n\n\n<p>Both the buyer and seller can benefit from a good mortgage consultant\u2019s guidance. Whether transferring or assuming a loan, speak to your mortgage servicer about the terms, including liability releases, before jumping in.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Loan Assumption in a State-Regulated \u201cSubject To\u201d Sale<\/h2>\n\n\n\n<p>A person who assumes a loan is buying a home \u201csubject to\u201d the existing mortgage. Check the home\u2019s state law to find out how it regulates \u201csubject to\u201d sales, in which:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The seller will not be paying off the existing balance;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The buyer assumes the mortgage responsibility; and<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The outstanding mortgage balance is placed into the sale as part of the buyer&#8217;s purchase price.<\/li>\n<\/ul>\n\n\n\n<p>In real-world terms, when taking on a loan is part of the deal, then the sale is subject to the buyer\u2019s gathering down payment funds that cover the equity (value of the home, minus the loan debt). Buyers might need time to gather those funds, depending on the home\u2019s value and the mortgage balance. Applying for a bridge loan could be necessary to pull off the purchase.<\/p>\n\n\n\n<p>Sellers should carefully plan for this time period. The seller\u2019s agent could tack several months of mortgage interest onto the asking price to cover that period. Again, the agent and any consultants involved will adhere to the home\u2019s state law.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Now You Know What \u201cAssume\u201d Does!<\/h2>\n\n\n\n<p>Most homes across the United States have low mortgage rates. That\u2019s because so many were bought or refinanced in the 2010-2021 period when rates were under 5%. Now, mortgage rates are much higher. This means an assumable loan is very attractive. Still, there are certain factors that can make assuming a loan challenging.<\/p>\n\n\n\n<p>We hope you\u2019ve found some new information in our overview of the pros and cons for sellers and buyers. In the right situation, an assumable loan could be fabulous for seller and buyer alike.<\/p>\n\n\n\n<p>Once you get into the market, your real estate agent and your mortgage pro will have situation-specific (and state-prescribed) guidance. But if you\u2019re ready to ask the right questions, you\u2019ll get more out of those relationships.<\/p>\n\n\n\n<p>Good luck out there.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Kathleen Willcox for the National Association of Realtors\u00ae via <em>Realtor.com<\/em>\u00ae: <a href=\"https:\/\/www.realtor.com\/advice\/buy\/mortgage-rates-too-high-check-out-this-little-known-low-rate-loophole-thats-on-the-rise\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage Rates Too High? Check Out This Little-Known Low-Rate Loophole That\u2019s on the Rise<\/a> (Jun. 22, 2023).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Perch Mortgage Brokerage via <em>MyPerch.io<\/em>: <a href=\"https:\/\/myperch.io\/homeowners\/never-make-assumptions-unless-its-a-mortgage-assumption\/\" target=\"_blank\" rel=\"noreferrer noopener\">Never Make Assumptions, Unless It\u2019s a Mortgage Assumption<\/a> (updated Sep. 26, 2022).<\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/interest-rates-on-the-rise-assumable-mortgages-never-looked-better\/\">Interest Rates on the Rise? Assumable Mortgages Never Looked Better<\/a> (Apr. 19, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">And as linked.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-small-font-size\"><strong>More on topics: <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/second-half-of-2023-whats-next-for-home-prices-property-values-and-mortgage-costs\/\">Mortgage rates in 2023<\/a><strong>, <\/strong><a href=\"https:\/\/www.deeds.com\/articles\/what-jerome-powells-up-to-and-why-home-buyers-care\/\">Federal Reserve hikes rates<\/a><\/h3>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a href=\"https:\/\/www.pexels.com\/photo\/people-smiling-8553867\/\" target=\"_blank\" rel=\"noreferrer noopener\">Edmond Dant\u00e8s<\/a> and <a href=\"https:\/\/www.pexels.com\/photo\/person-with-keys-for-real-estate-7599735\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oleksandr Canary Islands<\/a>, via Pexels.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s deed to a new owner. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[57],"tags":[135,148,137,139,138,143,151,144,146,153,142,147,149,140,154,150,136,152,145,141],"class_list":["post-3223","post","type-post","status-publish","format-standard","hentry","category-mortgage","tag-assumable-mortgage","tag-closing-costs","tag-fha-loans","tag-government-backed-loans","tag-home-buying-tips","tag-home-selling-tips","tag-loan-eligibility","tag-loan-transfer","tag-mortgage-assumption","tag-mortgage-benefits","tag-mortgage-consultant","tag-mortgage-liability","tag-mortgage-penalties","tag-mortgage-rates","tag-mortgage-servicer","tag-real-estate-guidance","tag-real-estate-trends-2023","tag-state-regulated-sales","tag-usda-loans","tag-va-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u201cAssume\u201d Makes a Great Deal for You and Me, Right? 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