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Financing Your Home >Assuming a Mortgage
You may be able to assume the seller's mortgage liability when buying a house instead of having to apply for a new loan. Assuming a loan could minimize your down payment or closing costs and get you a more advantageous interest rate. To know whether an assumption will work, find out the loan balance. If the balance is a small fraction of the purchase price, you will have to come up with a large down payment or get a second loan for the difference, unless the seller is willing to provide some of the financing. If the loan balance is high, the loan may have been made when interest rates were higher than they are today. Most newer loans that are assumable have adjustable rates. If you are considering an assumption because of credit problems, you will need the lender's approval to make the transaction work.
What do 84% of homebuyers who use the Internet to search for homes have in common?
They use a real estate agent to purchase their home.
Harpole Real Estate GroupKeller Williams Realty2644 Suzanne Way Suite 100Eugene, OR 97408541-343-7653Fax: 541-302-7669harpolehomes@NUMBER1EXPERT.comThe Harpole Real Estate Group specializes in helping distressed homeowners that owe more then what their properties are currently worth. They are the leading experts in Short Sales in the state of Oregon.
Harpole Real Estate GroupKeller Williams Realty2644 Suzanne Way Suite 100Eugene, OR 97408541-343-7653Fax: 541-302-7669harpolehomes@NUMBER1EXPERT.com
The Harpole Real Estate Group specializes in helping distressed homeowners that owe more then what their properties are currently worth. They are the leading experts in Short Sales in the state of Oregon.
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