Is It A Good Idea To Assume A Mortgage?

Is It A Good Idea To Assume A Mortgage?

Does assuming a seller’s mortgage make the most sense when purchasing a home? Well, if you’re in a market where the interest rates are higher and the seller’s interest rates are much lower, that can be very incentivizing for you as a buyer to do so.

However, you really want to be a buyer that’s in position to pay all cash for the home, but necessarily, you don’t want to spend all your cash because you will have to make up that difference if the value has significantly increased from what the current mortgage is on the property.

And you as a seller, you want to be mindful as well of a situation you could be in, because there are a lot of complications whether you’re buying or selling via an assumable mortgage. But there are also a lot of benefits to this as well.

So if you have any questions, please leave a comment below. Please share with anyone you think it’d be helpful to. And as always, close with Patrice.

This has been “Is It A Good Idea To Assume A Mortgage?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice.

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